Stocks ended the Monday session sharply lower as traders expressed concerns on whether U.S. lawmakers would pass another fiscal stimulus bill to support the economy and as Europe put additional restrictions in place to fight the COVID-19 pandemic.
The Dow Jones Industrial Average fell about 650 points, clawing back from session lows of over 950 points or nearly 3%.
Meanwhile, the S&P 500 and Nasdaq Composite sank 1.8% and 1.6%, respectively. It marked the worst day since September for both.
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Oil fell below the $40 per barrel level, a three-week low, making energy stocks the worst-performing group in the S&P along with industrials.
Investors are also preparing for the busiest week for S&P 500 earnings, with over one-third of companies reporting, including Amazon, Apple, Caterpillar and Exxon Mobil, to name a few.
Tuesday investors will hear from Caterpillar, Merck and Pfizer.
On the stimulus front, Speaker of the House Nancy Pelosi and Treasury Secretary Mnuchin spoke for 52 minutes on Monday, yet failed to seal a deal. Read more at FOX Business