Stocks fell sharply on Monday as fears about the worsening coronavirus as well as uncertainty on further fiscal stimulus rattled traders.
The Dow Jones Industrial Average plummeted 632.85 points, or 2.3%, to 27,024.57.
The S&P 500 dipped 64.84 points, or 2%, to 3,254.63.
The NASDAQ ditched 156.68 points, or 1.5%, to 10,793.28.
The U.K. is reportedly considering another national lockdown to stop an increase in coronavirus cases. Share of Carnival Corp. were off by 4%. Southwest Airlines lost 4.6%,. and Delta Air Lines fell 7.2%, respectively.
Negotiations for a second stimulus bill could become more complicated after the passing of Supreme Court Justice Ruth Bader Ginsburg, which could lead to a bitter nomination process ahead of the election. Trump said he would nominate someone this week to take Ginsburg's seat. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired.
One strategist says a new coronavirus stimulus bill is now "unlikely until post-Nov. 3 as the fight over Justice Ginsburg's empty seat will consume D.C."
Technology shares — which led the broader market off its coronavirus lows and into record territory, but have been hit hard so far in September — struggled once again. Apple, Microsoft and Amazon were all off by at least 1%.
Shares of Nikola, a one-time high-flying SPAC-turned electric vehicle play, dropped 20% after the company said founder Trevor Milton is voluntarily stepping down as executive chairman and board member.
Shares of GM, which recently took a 11% stake in Nikola, fell 5.6%.
Bank stocks sold off across the board after a report that found a number of global banks allegedly moved illicit funds. Shares of Deutsche Bank dropped 8.3%, while JPMorgan Chase fell more than 2.8%.
Meanwhile, tensions between the U.S. and China keep escalating. China's Ministry of Commerce released long-awaited provisions on its so-called "unreliable entity list," a day after the U.S. announced a ban on WeChat and TikTok.
Prices for the 10-Year Treasury slumped, raising yields to 0.65% from Friday's 0.67%. Treasury prices and yields move in opposite directions.
Oil prices subtracted $1.37 to $39.74 U.S. a barrel.
Gold prices sank $46.30 to $1,915.80 U.S. an ounce.