U.S. stocks fell broadly and sharply on Wednesday as second wave increases in coronavirus infections in the U.S. and Europe ushered in more concerns over the potential impact to the global economy. Over the past week, the average daily new cases in the U.S. climbed to a record 71,832 as hospitalization rates have risen about 10% in a majority of states. Elsewhere, France and Germany has issued new nationwide lockdown measures to curb infection rates, becoming bellwethers for more potential lockdowns to come in the region.

More U.S. presidential election uncertainty has also crept into market sentiment as recent national polls show former vice president Joe Biden leading President Donald Trump. Investors fear that a Biden presidency, while it may bring a larger overall fiscal stimulus package, could led to a longer delay in coronavirus stimulus efforts.

Here's how the market settled for the mid-week:

S&P 500 Index (SPY  ): -3.52% or -119.48 points to 3,271.20

Dow Jones Industrial Average (DIA  ): -3.43% or -942.12 pints to 26,521.07

Nasdaq Composite Index (QQQ  ): -3.73% or -426.48 points to 11,004.87

For Major Stock News, stocks across the broad sank amid Wednesday's major sell-off, with big tech (XLK  ) and recovery plays (JETS  ) taking the biggest hit. Social media giant stocks Alphabet (GOOGL  ), Facebook (FB  ) and Twitter (TWTR  ) all slipped on Wednesday as their respective CEOs testified before Senate over Section 230. Tupperware shares soared after the food-storage brand's earning came well above forecasts as more consumers continue to cook food at home amid the pandemic. Other stay-at-home giants like Peloton (PTON  ) and Netflix (NFLX  ) were also more bullish, but failed to outperform the broader market as intense coronavirus fears washed over sentiment.

For Sector Performance, all industries of the S&P 500 sunk at least 2% throughout Wednesday's session. Investors had pulled money out of stocks broadly, including away from major tech names that had been considered the new safe haven as new coronavirus fears washed over sentiment. Communication Services (XLC  ), Energy (XLE  ) and Information Technology were the worst performing sectors, all dropping over 4%.

For Commodities and Currency, the U.S. Dollar (UUP  ) rose on Wednesday as Germany and France renewed national pandemic lockdowns as the euro fell to one-week lows. The dollar index, which measures the greenback against several global currencies, rose 0.3% to 93.45. Gold (GLD  ) fell as much as 2% as the dollar rose and coronavirus stimulus hopes diminished, with spot gold falling to $1,881.41 per ounce. Gold futures settled 1.5% lower to $1,882.70 per ounce. Crude oil prices dropped over 5% as surging coronavirus infections in the U.S. and Europe crush demand forecasts. International benchmark Brent Crude (BNO  ) slipped 5.15% to $39.08 per barrel, while West Texas Intermediate (USO  ) fell 5.5% to $37.39 per barrel.

For Thursday, market participants will turn their attention to fresh data from the Department of Labor for weekly unemployment claims. Quarterly earnings from companies like Apple (AAPL  ), Alphabet, Amazon (AMZN  ) and Facebook are also slated for release after market close.