Stocks Opened Sharply Lower as Virus Concerns Spiked

U.S.Stocks opened sharply lower on Monday as new data showed a jump in COVID-19 cases in both the U.S. and Europe. The Dow Jones Industrial Average lately lost 416.56 points, or 1.47%, to 27,919.01. The S&P 500 dropped 37.80 points, or 1.09%, to 3,427.59. The Nasdaq Composite fell 54.66 points, or 0.47%, to 11,493.62.

Oil futures slumped Monday, looking to extend last week’s decline, as COVID-19 cases in the U.S. and Europe continue to surge, raising alarm over demand for crude. West Texas Intermediate crude for December delivery fell 90 cents, or 2.3%, to $38.95 a barrel. December Brent crude dropped 89 cents, or 2.1%, to $40.88 a barrel.

The U.S. posted back-to-back days of record-high new virus cases over the weekend, with new virus cases topping 80,000 for each of Friday and Saturday.