Stocks were sharply lower Monday after a new coronavirus strain was discovered to be quickly spreading across Britain and top U.S. lawmakers reached a $900 billion aid agreement.

Dow Jones Industrial Average futures were trading down 312 points, or -1.04%, while the S&P 500 and the Nasdaq Composite were lower by 1.21% and 1.05% respectively.

The recently discovered COVID-19 strain, which could be up to 70% more transmissible than the original, caused British Prime Minister Boris Johnson to impose stricter lockdowns.

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This as both the House and Senate were set to vote on a $900 billion stimulus package that would deliver $600 direct payments to individuals, extended unemployment benefits and additional paycheck protection loans for small businesses.

Looking at stocks, airlines and cruise operators were under pressure as the new COVID-19 strain threatened renewed fear of widespread travel restrictions.

Elsewhere, Tesla Inc. was set to open sharply lower after shares were added to the S&P 500 following Friday’s closing bell. The Elon Musk-led electric-vehicle maker makes up 1.69% of the index and is the eighth-largest member. Read more at FOX Business