Stocks pointed sharply lower Monday as new data showed a jump in COVID-19 cases in both the U.S. and Europe. Restrictions tightened across major countries overseas, raising the specter of a further pullback in business operations and deeper anchor on global economic activity.

Losses accelerated around 11 a.m. ET, with the Dow dropping more than 650 points, or 2%. The S&P 500 and Nasdaq each also retreated sharply.

Shares of companies set to benefit from a broader economic reopening including airlines like American Airlines (AAL), cruise lines including Norwegian Cruise Line Holdings (NCLH) and hotels like Wynn Resorts (WYNN) sank. Shares of AstraZeneca (AZN), on the other hand, outperformed after the Financial Times reported that its COVID-19 vaccine candidate developed with the University of Oxford produced a robust immune response in elderly individuals.

The U.S. posted back-to-back days of record-high new virus cases over the weekend, with new virus cases topping 80,000 for each of Friday and Saturday. States in the West and Midwest have been hardest hit by the latest jump in cases.

France endured its own record-high day for new coronavirus cases on Sunday, when the country reported more than 52,000 positive cases over a 24-hour period. Two-thirds of the country became subject to a previously announced 9 p.m. curfew starting Friday night. In Italy, which hit a record-high for new cases last week, new business restrictions came into effect Sunday. Spain declared a state of emergency over the weekend, which also included a country-wide curfew.

“Markets ultimately care about the economic impact of pandemic news,” UBS economist Paul Donovan said in a note Monday morning. “Italy and Spain have followed France in adopting the ‘Buffy the Vampire Slayer’ approach (it is not safe to be out of doors after dark). This is obviously bad news for bars and restaurants, but more positive for supermarkets and home entertainment.”

Elsewhere, shares of Boeing (BA), Lockheed Martin (LMT) and Raytheon Technologies (RTX) came under pressure in early trading after China said it would impose sanctions on the defense units of both companies, following the U.S. approval of a $1.8 billion arms sale to Taiwan last week. China, which considers Taiwan to be part of its territory, has not yet specified the sanctions that will be put into place.

11:05 a.m. ET: Selloff accelerates, Dow drops 650+ points

The three major indices’ losses accelerated Monday mid-morning, with the Dow dropping more than 650 points, or 2.5%. The S&P 500 fell about 2%, and the Nasdaq dropped 1.5%.

Losses in the Dow were led by American Express and Salesforce.

10:07 a.m. ET: New home sales unexpectedly declined in September for the first time in 5 months

New-home sales in the U.S. dropped 3.5% in September to a seasonally adjusted annualized rate of 959,000, the Commerce Department said Monday, after a 4.8% jump to a rate of 1.011 million during the previous month. This marked the first month-over-month drop in new-home sales since April, at the height of the pandemic.

Consensus economists were expected new-home sales to rise another 1.4% to extend the multi-month run of outperformance in the housing market relative to other areas of the economy.

The drop in seasonally adjusted new-home sales was led by the Northeast, where sales fell nearly 29% in September from August. Sales in the Midwest and South each also fell by greater than 4% during the period. Those in the West rose 3.8%, though this was not enough to offset the drops elsewhere.

The median sale price for homes in September was $326,800, up from $315,700 during the same month in 2019.

10:00 a.m. ET: Hasbro shares sink after reporting drop in sales, a week after Mattel reported growth

Hasbro (HAS) posted a drop in third-quarter revenue that disappointed Wall Street, after rival toy-maker Mattel (MAT) last week posted a 10% jump in sales during the same period.

Hasbro’s revenue dropped 4% to $1.78 billion, which still was slightly ahead of consensus expectations for $1.74 billion, according to Bloomberg data. The decline was led primarily by a drop in entertainment, licensing and digital revenue, with this segment’s sales down 23% over last year as a drought of new movie releases weighed on Hasbro’s ability to market toys connected to feature films.

Shares of Hasbro dropped more than 9% Monday morning, and have fallen more than 19% so far for the year to date.

9:31 a.m. ET: Stocks open lower as virus concerns spike

Here were the main moves in markets, as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): -32.73 points (-0.94%) to 3,432.66

  • Dow (^DJI): -298.90 points (-1.05%) to 28,036.67

  • Nasdaq (^IXIC): -90.08 points (-0.77%) to 11,458.82

  • Crude (CL=F): -$0.81 (-2.03%) to $39.04 a barrel

  • Gold (GC=F): -$1.80 (-0.09%) to $1,903.40 per ounce

  • 10-year Treasury (^TNX): -2.5 bps to yield 0.816%

8:28 a.m. ET: Ant Group prices IPO on track to raise nearly $35 billion in record public debut

Ant Group, the Chinese financial technology company started by Jack Ma, on Monday priced its dual initial public offerings in Shanghai and Hong Kong, putting the firm on track to raise about $35 billion in the world’s biggest-ever share sale.

The Shanghai stock was priced at 68.8 yuan, or $10.27, a share, while the Hong Kong shares were priced at HK$80, or $10.32 each. Each IPO will therefore raise more than $17.2 billion, putting the company on track for an IPO of nearly $35 billion to top even the public debut of oil giant Saudi Aramco last year. According to Bloomberg data, Ant will be valued at about $280 billion ahead of its IPO.

7:28 a.m. ET Monday: Dow futures shed 200+ points as COVID-19 cases jump

Here were the main moves in markets, as of 7:28 a.m. ET:

  • S&P 500 futures (ES=F): 3,423.00, down 28.75 points or 0.83%

  • Dow futures (YM=F): 27,943.00, down 246 points or 0.87%

  • Nasdaq futures (NQ=F): 11,585.5, down 78 points or 0.67%

  • Crude (CL=F): -$0.78 (-1.96%) to $39.07 a barrel

  • Gold (GC=F): +$0.30 (+0.02%) to $1,905.50 per ounce

  • 10-year Treasury (^TNX): -2.7 bps to yield 0.814%

People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 5, 2020 in New York City. – Stock markets bounced back on reports suggesting Donald Trump’s health had improved after his positive test for the coronavirus, with traders also cheered by signs that U.S. lawmakers were edging towards agreement on a new stimulus package. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

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