Stocks Tumbled at Open as Coronavirus Concerns Mounted

U.S. stocks tumbled at open on Wednesday, as investors nervously eyed elevated coronavirus cases in the U.S. and Europe. The Dow Jones Industrial Average lately slid 522.52 points, or 1.90%, to 26,940.67. The S&P 500 dropped 67.49 points, or 1.99%, to 3,323.19. The Nasdaq Composite fell 285.68 points, or 2.50%, to 11,145.67.

Oil prices came under pressure on Wednesday after inventory data from an industry trade group pointed to a surge in domestic U.S. crude supplies, and concerns over rising coronavirus cases worldwide scared investors away from perceived riskier assets such as commodities. December West Texas Intermediate crude fell $1.91, or 4.8%, to $37.66 a barrel. December Brent crude slid $1.65, or 4%, to $39.96 a barrel.

The number of new U.S. cases daily rose back above 70,000 on Tuesday after hitting a record above 80,000 at the end of last week. The U.S. has reported a record 500,000 cases over the past week, the New York Times reported.

Governments in Europe are scrambling to tackle a second virus wave, as restrictions imposed over the past few weeks appear not to have contained it. That has sparked fresh concerns over the region’s economy.

UPS (UPS) posted adjusted earnings of $2.28 per share on revenue of $21.2 billion, with each better than the $1.90 per share on revenue of $20.3 billion anticipated.

General Electric posted a surprise profit in the third quarter. The company reported a net loss that narrowed to $1.19 billion, or 14 cents a share, from a loss of $9.47 billion, or $1.08 a share, in the year-ago period. Revenue fell 17% to $19.42 billion.