The Dow dropped 509 points, or 1.8%, to 27,147.70. The S&P 500 slid 1.2% to 3,281.06. The Nasdaq Composite fell by just 0.1% to 10,778.80. Concerns about the potential worsening of the coronavirus pandemic, as well as uncertainty on further U.S. fiscal stimulus, sent the broader market lower on Monday.
Concerns over another wave of coronavirus cases came as the U.K. reportedly considers another national lockdown to stop an increase in infections. Top U.K. government scientists said that, without further action, the country's infection rate could reach 50,000 per day. In Washington, negotiations for a new coronavirus 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.
Shares of cruise operators Carnival, Norwegian Cruise Line and Royal Caribbean slid 7% apiece. Airline stocks were also under pressure. United Airlines closed lower by 8.6% and American Airlines dipped 7.4%.
Existing home sales data and remarks from Federal Reserve Chairman Jerome Powell are on the agenda for Tuesday.
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