It’s shaping up to be the worst day for the market since October 2020 when rising Covid infections, the impending election and questions over additional government stimulus weighed on stocks.
The Dow (INDU) fell more than 1,000 points at its weakest. As of the early afternoon it was trading down some 800 points, or 2.4%.
The S&P 500 (SPX), the broadest measure of the US equity market, fell 2.9% and is on track to end the day in correction territory — a 10% drop from its most recent peak. Last week, the index logged its worst week since March 2020.
Each day last week, stocks fared worse in the final hour of trading, which tends to be a bad sign for the next day, said TD Ameritrade chief market strategist JJ Kinahan. That negative sentiment continued Monday.
A lot to digest
Investors also have a lot on their plate this week.
