Stocks took a dive throughout Monday's session as a resurgence in coronavirus and lockdown fears, as well as uncertainty about further U.S. fiscal stimulus, destabilized market growth. Most stocks were able to pare their losses in the final hours of regular trading, but all three major benchmarks extend their ongoing declines.
On the coronavirus front, the United Kingdom is reportedly considering issuing another round of lockdowns to help mitigate the growing increase in new infections. In the United States, new cases have been rapidly growing in Mid-Western states like Arkansas, Colorado, and Montana over the past week, sparking fears of another wave of the virus before the colder seasons. New coronavirus concerns pressured reopening stocks, with American Airlines
For economic stimulus, the future of a new coronavirus relief package seems more unlikely to happen before the November presidential election following the death of Supreme Court Justice Ruth Bader Ginsburg. The U.S. federal government will now be concerned with a nomination process in the coming months.
Here's how the market settled to open the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Major Stock News, the financial sector
For Stock Sector News, every industry but Information Technology +0.76% fell on Monday as the broad market outlook was pressured. The negative performance declines were as follows: Materials -3.41%, Industrials -3.38%, Energy -3.27%, Real Estate -2.74%, Financials -2.49%, Health Care -1.84%, Communication Services -1.19%, Consumer Discretionary -1.10%, Consumer Staples -0.67% and Utilities -0.58%.
For Commodities and Currency, the U.S. Dollar
For Tuesday, the market will most likely be impacted by remarks from Federal Reserve Chairman Jerome Powell on the Coronavirus Aid, Relief, and Economic Security Act before the House Committee on Financial Services.