US markets nosedive for worst day since September

WASHINGTON

All three major US stock indices posted significant losses Monday as the US sees a spike in coronavirus cases that has investors on edge.

The Dow shed over 650 points, or 2.29%, its biggest drop since Sept. 3, according to CNBC, while both the S&P 500 and Nasdaq saw losses over 1.6%.

Coronavirus cases are continuing to soar in the US, particularly in the midwest and sun belt, and hopes are fading that Congress and the Trump administration will broker an economic stimulus package any time soon.

The US logged 60,789 virus cases Sunday, down from highs on Saturday and Friday when over 83,000 were recorded, but cases remain at exceptionally high levels, according to data compiled by Johns Hopkins University.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke for nearly an hour Monday to hammer out details on a stimulus bill as America continues to grapple with the fallout from the pandemic.

"As the nation faces record spikes in new COVID cases, we continue to eagerly await the Administration’s acceptance of our health language, which includes a national strategic plan on testing and tracing," Drew Hammill, Pelosi's spokesman said on Twitter.

"It is clear that our progress depends on Leader McConnell agreeing to bipartisan, comprehensive legislation to crush the virus, honor our heroes – our essential workers – and put money in the pockets of the American people. The Speaker remains optimistic that an agreement can be reached before the election," he added.

Moreover, major US companies are expected to announce quarterly earnings this week, including Amazon, Microsoft, Caterpillar, ConocoPhillips, and Google parent company Alphabet.