Stocks Opened Sharply Lower amid Rising Coronavirus Cases

U.S. stocks open sharply lower on Monday, following global equities lower, as concerns over stagnating coronavirus case improvement stoked fears of more lockdowns. The Dow Jones Industrial Average lately dropped 634.22 points, or 2.29%, to 27,023.20. The S&P 500 retreated 66.12 points, or 1.99%, to 3,253.35. The Nasdaq Composite declined 199.25 points, or 1.85%, to 10,594.03.

Oil futures fell Monday, with pressure attributed to expectations Libyan crude will soon return to the market, while worries over a rise in European COVID-19 cases and a global equity market selloff added to the negative tone. West Texas Intermediate crude for October delivery fell 83 cents, or 2%, to $40.49 a barrel, while November Brent crude shed 88 cents, or 2%, to $42.27 a barrel.

Microsoft Corp (MSFT) said on Monday it would acquire ZeniMax Media for $7.5 billion in cash, strengthening its Xbox video game offering with the studio behind smash hit titles Fallout and the Doom reboot.