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US Dow drops more than 500 points as U.S. hits record daily coronavirus cases

17:25  26 october  2020
17:25  26 october  2020 Source:   nbcnews.com

Singapore Numbers Ease; Global Cases 39 Million: Virus Update

  Singapore Numbers Ease; Global Cases 39 Million: Virus Update The U.S. reported the most daily infections in two months as temperatures begin to dip across the country. Total cases in the country topped 8 million while global infections surpassed the 39-million mark. Singapore had fewer than 100 active coronavirus cases on Friday, the first time it’s dropped below that level in seven months. The Australia-New Zealand travel bubble hit a snag.Germany to Italy to Portugal reported record cases as the pandemic’s accelerating resurgence across Europe forced fresh lockdowns.

Stocks fell sharply on Monday as coronavirus infections jumped and negotiations for a fiscal stimulus package before the election came down to the wire.

a group of people walking on a city street © Provided by NBC News

The Dow Jones Industrial Average fell by more than 540 points, with the S&P 500 down 1.4 percent and the Nasdaq Composite lower by 0.8 percent.

The decline came amid a record surge in new coronavirus cases, with more than 83,000 new infections on both Friday and Saturday after outbreaks in Sun Belt states, surpassing a previous record of roughly 77,300 cases set in July, according to data from Johns Hopkins University. The data also showed the country has reported an average of 68,767 cases per day over the past seven days, a record.

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White House chief of staff Mark Meadows said Sunday that the U.S. will not get control of the pandemic amid the surge in new cases.

Optimism also dimmed that the White House and Republicans could strike a stimulus deal with Democrats before the election. Meadows and House Speaker Nancy Pelosi in separate interviews accused each other of moving the goalposts on stimulus talks. White House economic adviser Larry Kudlow also told CNBC’s “Squawk Box” that talks had slowed down, but noted they are still ongoing.

Stocks with the most to lose from rising cases and a stalled stimulus plan led the decline Monday. Royal Caribbean shares fell 6.75 percent, and Delta Air Lines was down by more than 4 percent.

Tech stocks were also under pressure after SAP, one of the biggest software companies in Europe, saw its shares plunge more than 20 percent. The company warned that businesses are holding back from spending; it also cut its earnings and revenue estimates for 2020.

This week marks the last full trading period before Nov. 3. Major averages are on track for modest gains for the month, with the S&P 500 and the Nasdaq both rising more than 3% so far. The 30-stock Dow is up about 2% this month.

“Based on the action in the stock market we’ve seen over the past two weeks, it seems to us that it will take some serious new-news to fuel a significant decline over the next week and a half,” Matt Maley, chief market strategist at Miller Tabak, said in a note on Sunday.

Former Vice President Joe Biden maintains a sizable lead over President Donald Trump in national polls, although the gap has narrowed slightly as of late.

Justin Turner tests positive for COVID-19, removed from Game 6 .
Justin Turner was pulled from Game 6 of the World Series after seven innings on Tuesday night, and the world found out the shocking reason why: Turner tested positive for COVID-19. © Tim Heitman-USA TODAY Sports Turner started and began the game for the Los Angeles Dodgers as the No. 3 hitter and third baseman. But he was pulled before the start of the eighth, with Enrique Hernandez going to second, Chris Taylor moving to left, and Edwin Rios playing third.There was no explanation for why Turner was removed until after the Dodgers won the World Series 3-1.

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