Dow Plunges 800 Points As Election, Coronavirus Lockdown Worries Mount

From FOX Business

U.S. equity markets were sharply lower Monday as investors weighed the possibility of more coronavirus shutdowns in Europe and uncertainty surrounding the U.S. election.

The Dow Jones Industrial Average fell over 800 points, or 2.9%, mid-morning as selling accelerated, while the S&P 500 slid 2.1% and the Nasdaq Composite lost 1.4%.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 26889 -768.42 -2.78%
SP500 S&P 500 3248.4 -71.07 -2.14%
I:COMP NASDAQ COMPOSITE INDEX 10659.313969 -133.97 -1.24%

Mega-cap tech stocks that have dictated the market’s direction, remained under pressure, with the major averages on track for a fourth straight weekly decline as Apple and Amazon dropped.

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 2,898.43 -56.48 -1.91%
AAPL APPLE INC. 106.95 +0.11 +0.10%

With Election Day just over six weeks away, investors are gearing up for a tense battle between Democrats and Republicans over who will become the next Supreme Court justice following Ruth Bader Ginsburg’s death on Friday. The debate will only heighten political tensions ahead of the election, and could possibly delay a new stimulus package.

British Prime Minister Boris Johnson is reportedly considering additional lockdowns to serve as a “circuit breaker” following a flare-up of new COVID-19 infections in the U.K. Other European countries are also said to be weighing new restrictions.

Larry Kudlow, speaking to Fox News Channel, pointed to Europe for the selling. "The market sell-off today coming out of Britain, where they've had another bounce in virus, and they may close down the economy, that would be the biggest factor in the market sell-off," he said.

Ticker Security Last Change Change %
NKLA NIKOLA CORPORATION 27.71 -6.48 -18.95%

Looking at stocks, Nikola Corp. founder Trevor Milton stepped down as executive chairman, effective immediately, less than two weeks after short-seller Hindenburg Research called the electric-truck maker a fraud. Milton, who has denied the allegations, will be replaced by board member and former General Motors Co. vice chairman Stephen Girsky. Reports of his arrest were false.

Ticker Security Last Change Change %
ORCL ORACLE CORPORATION 60.38 +0.62 +1.04%
WMT WALMART INC. 135.90 +0.59 +0.44%

TikTok owner ByteDance will hold an 80% stake in TikTok U.S. with Oracle Inc. and Walmart Inc. taking a minority stake after receiving approval from the Trump administration. The new company, called TikTok Global, will list on a U.S. stock exchange within 12 months and possibly set up a new headquarters in Texas.

Nikola founder Trevor Milton’s team claims a story about his arrest is not true. FOX Business’ Susan Li with more.
Ticker Security Last Change Change %
MSFT MICROSOFT CORP. 200.15 -0.24 -0.12%

Microsoft, which was cut out of the deal, announced it will acquire privately-held ZeniMax, game publisher of popular titles including "The Elder Scrolls" and "Fallout," for $7.5 billion cash.

In other deals, gene-sequencing technology maker Illumina Inc. reached an $8 billion cash and stock deal to buy privately held cancer-test developer Grail.

Ticker Security Last Change Change %
ILMN ILLUMINA INC. 270.19 -25.32 -8.57%

Elsewhere, big banks including Citigroup Inc., Goldman Sachs Group and JPMorgan Chase & CO. were lower after reports said the companies were among those that moved large amounts of allegedly illicit money for nearly two decades.

Ticker Security Last Change Change %
C CITIGROUP INC. 43.45 -1.39 -3.09%
GS GOLDMAN SACHS GROUP INC. 191.95 -2.88 -1.48%
JPM JP MORGAN CHASE & CO. 93.92 -4.42 -4.50%

Meanwhile, Catalent Inc., Etsy Inc. and Teradyne Inc. began trading on the S&P 500 while H&R Block Inc., Coty Inc. and Kohl’s Corp. were removed from the index.

Ticker Security Last Change Change %
CTLT CATALENT INC 84.21 -0.66 -0.78%
ETSY ETSY INC 112.84 +1.09 +0.98%
TER TERADYNE 76.27 -0.10 -0.13%
HRB H&R BLOCK 14.27 +0.41 +2.96%
COTY COTY INC. 3.02 -0.01 -0.49%
KSS KOHL'S CORP. 21.62 -1.78 -7.63%

Looking at commodities, West Texas Intermediate crude oil fell $2.21 to $38.90 per barrel while gold slid $65.90 to $1,896.20 an ounce.

U.S. Treasurys rallied, pushing the yield on the 10-year note down by 4 basis points to 0.654%.

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