The S&P 500 - the broadest measure of the US stock market - closed down 1.9 per cent, making it the index's worst day since late September.
The tech-heavy Nasdaq Composite, which had briefly bounced back from its lows in the morning, finished down 1.6 per cent.Those sectors that are more sensitive to the economy and the pace of the recovery felt more pain Monday, said Eric Freedman, CIO at US Bank.Outside the Wall Street stock exchange, which fell heavily overnight.
Big Tech companies will report earnings this week as well, including Microsoft, Apple, Google, Facebook and Twitter.While earnings will inject volatility in the tech sector, "on a more macro level, ongoing US stalemate over US fiscal stimulus and the rapidly spreading Covid-19 is going to determine the direction for the wider markets," said Fawad Razaqzada, market analyst at Think Markets, in a note.
The ever-slimming chance of a new stimulus package before next week's election isn't a new factor for the market. And yet it has been a big driver of the action over the past weeks, even as nothing has really changed as a result of recent negotiations.
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