Dow futures were pointing to about a 600-point drop at Monday's open on concerns about spikes in coronavirus cases as states reopen their economies. That sharp decline in Dow futures was actually off the worst level overnight of an almost 1,000-point plunge. The Dow Jones Industrial Average, despite Friday's 1.9% gain, lost 5.5% last week.
Thursday's nearly 7% plunge for the Dow was its biggest one-session decline since March 16, which was one week before Wall Street's coronavirus lows on March 23. The Nasdaq, which closed above 10,000 for the first time ever Wednesday, lost 2.3% last week. The Nasdaq's nearly 5.3% decline Thursday was also its worst session since March 16.
States in various stages of reopening — including Alabama, California, Florida, North Carolina, Oklahoma and Texas — are reporting sharp increases in daily new coronavirus cases, while President Donald Trump moves forward with Saturday's planned indoor rally in Tulsa, Oklahoma. Many of those states, including North Carolina and Texas, are also seeing record hospitalizations.
New York Gov. Andrew Cuomo is warning New York City and other areas of the state that they could see their reopening plans reversed if people and businesses keep defying social distancing guidelines. The majority of more than 25,000 complaints were about businesses in Manhattan and the Hamptons, the governor said.
China's capital Beijing reinstated some coronavirus mitigation measures after an unexpected spike of cases linked to the city's sprawling Xinfadi wholesale food market. After nearly two months with no new infections, Beijing officials have reported 79 cases over the past four days, the city's biggest cluster since February. In response, several parts of Beijing set up security checkpoints and closed schools. Beijing began mass testing Sunday.
White House trade advisor Peter Navarro said the Trump administration is looking for another coronavirus stimulus package of "at least $2 trillion." That would be about double what Senate Majority Leader Mitch McConnell wants and about two-thirds the amount in a bill passed by House Democrats last month.
Top Trump economic advisor Larry Kudlow said the federal enhanced unemployment benefit, set to expire late next month, is a "disincentive" for people to return to work. The extra $600 per week on top of what states offer can pay people more than their regular salary. Kudlow said that a return-to-work bonus is under consideration.
The fatal shooting of Rayshard Brooks by a white police officer in Atlanta on Friday reignited protests in city against racism and police brutality, which were prompted by last month's police killing of George Floyd in Minneapolis.
Police body-camera and surveillance video in Atlanta show Brooks, a 27-year-old Black man, cooperating with a sobriety test outside a Wendy's restaurant. But when officers tried to arrest him, Brooks struggled, got away with one of the officers' Tasers. Brooks was shot twice in the back and died.
Police Chief Erika Shields resigned over the shooting. The officer suspected of killing Brooks was fired, and the other officer involved, also white, was put on administrative leave.
The Georgia NAACP plans to hold a demonstration Monday at the state Capitol as lawmakers there return to session.
— Reuters contributed to this report. Follow all the developments on Wall Street in real-time with CNBC's live markets blog. Get the latest on the pandemic with our coronavirus blog.