- US stocks slid Monday as investors focused on spiking global coronavirus casees, which offset continued economic-reopening progress.
- Gold rose, nearing its highest level since 2012, as investors bought the safe-haven asset.
- New coronavirus cases hit records in some US states, and continue to gain globally.
- Read more on Business Insider.
US stocks slid Monday as investors focused on spiking global coronavirus casees, which offset continued economic-reopening progress.
New cases of coronavirus continue to increase in the US as the country reopens from lockdowns that began in mid-March to contain the disease. The US reported more than 30,000 new COVID-19 cases on Friday and Saturday, the highest levels since May 1, according to Johns Hopkins University data.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Monday:
- S&P 500:3,082.58, down 0.5%
- Dow Jones industrial average: 25,694.12, down 0.7% (177 points)
- Nasdaq composite:9,931.85, down 0.1%
Global cases are also on the rise. On June 21, new COVID-19 cases hit a single day record according to the World Health Organisation. Still, US equities have erased nearly all of their losses in recent weeks, putting the S&P 500 within 10% of its pre-coronavirus all-time high.
Gold climbed near its highest level since 2012 as investors pile into the asset amid fears of a second wave of COVID-19 cases. Stocks tied to the economic reopening were mixed in early trading – airlines declined on Monday, but retailers such as Gap gained.
Oil prices slid. West Texas Intermediate crude fell as much as 1.6%, to $US39.12 a barrel, while international benchmark Brent crude declined 1.5%, to $US41.58 per barrel, at intraday lows.