US stocks slip as surging virus cases lead to new lockdowns
Getty Images / Xinhua News Agency
- US stocks declined on Monday as a surge in COVID-19 cases across the country has led to renewed lockdown orders.
- Millions of California resident underwent a new round of lockdowns over the weekend, with bars, hair salons and indoor restaurants ordered to close.
- New daily virus cases in the US has consistently hovered around 200,000 since the Thanksgiving holiday.
- Watch major indexes update live here.
US stocks fell on Monday as a surge in COVID-19 cases led to a new round of lockdowns in California.
With new daily cases consistently hovering around the 200,000 mark, and California seeing record new cases, the largest state in the country implemented new lockdown restrictions over the weekend.
The restrictions include the closing of bars, hair salons, and indoor restaurant dining, as well as retail stores operating at 20% capacity.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:
- S&P 500: 3,692.14, down 0.2%
- Dow Jones industrial average: 30,109.41, down 0.4% (109 points)
- Nasdaq composite: 12,510.06, up 0.4%
The holiday surge in COVID-19 cases isn't slowing down investor appetite for high profile IPOs like Airbnb and Doordash. Airbnb is expected to raise its valuation to $42 billion in its December debut, according to a report.
Kodak surged as much as 98% after a federal watchdog found no problems with a $765 million government loan awarded to the company earlier this year.
Oil prices edged lower. West Texas Intermediate crude fell as much as 2%, to $45.36 per barrel. Brent crude, oil's international benchmark, dropped 1.7%, to $48.40 per barrel, at intraday lows.
Gold gained as much as 0.4%, to $1,845.88 per ounce.
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