There are concerns that soaring coronavirus cases will weaken the US economy. Sentiment also took a hit after White House economic director Larry Kudlow said that President Donald Trump can’t accept parts of the Democrats’ proposed stimulus bill.
Shares of cruise liners’ Royal Caribbean (-9.7%), Norwegian (-8.5%) and Carnival (-8.7%) tumbled. Hasbro shares fell 9.4% after delays in production of movies and TV shows hit its quarterly revenue. Oracle (-4%) slumped after rival SAP’s announcement. Boeing (-3.9%) and Raytheon Technologies (-2.8%) slid on China’s plan to sanction the companies over arms sales to Taiwan. The Dow Jones index fell by 650 points or 2.3% after being down 965 points at session lows. The S&P500 index lost 1.9% and the Nasdaq index was down by 189 points or 1.6%.