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 (AAL  ), Carnival Cruise (CCL  ), Delta Air Lines (DAL  ), Norwegian Cruise Line (NCLH  ), Royal Caribbean Cruise (RCL  ), Southwest Airlines (LUV  ) and United Airlines (UAL  ) all declining.

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 (SPY  ): -1.16% or -38.42 points to 3,281.05

Dow Jones Industrial Average (DIA  ): -1.84% or -510.18 points to 27,147.24

Nasdaq Composite Index (QQQ  ): -0.13% or -14.48 points to 10,778.80

For Major Stock News, the financial sector (XLF  ) was pressured on Monday following a report that several global banks had moved illicit funds over the past two decades. Shares of banks like Deutsche Bank (DB  ), HSBC (HSBC  ) and JPMorgan (JPM  ) all fell. Oracle (ORCL  ) and Walmart (WMT  ) shares increased following President Donald Trump's approval of the two absorbing part of ByteDance's TikTok's global business. Nikola (NKLA  ) shares dropped over 20% after its founder Trevor Milton announced that he will be voluntarily resigning following the company's recent controversy with the short seller Hindenburg Research. Mega-cap tech stocks fell broadly with the market on Monday: Amazon (AMZN  ), Apple (AAPL  ), Facebook (FB  ), Google (GOOGL  ), Microsoft (MSFT  ) and Netflix (NFLX  ).

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 (UUP  ) soared against other risker currencies as investors turned to the greenback for some stability amid increased market uncertainty. The dollar's index rose 0.64% against other global currencies as the economic implications of rising global coronavirus cases grew grim. Gold (GLD  ) fell against the rising dollar to its lowest level in over a month. Spot gold fell 2.1% to $1,909.05 per ounce, while futures settled down 2.6% at $1,910.60. Crude oil futures were also harmed by weak global coronavirus outlook as well as a potential return of Libyan production that increased oversupply fears. International benchmark Brent Crude (BNO  ) plunged 4.6% to $41.15 per barrel, while West Texas Intermediate (USO  ) dropped 4.38% to settle at $39.91 a barrel.

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.