⁍ New infections have touched record levels in the United States, with El Paso in Texas asking citizens to stay at home for the next two weeks.

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⁍ The S&P 1500 airlines index fell 5% and cruise line operators Carnival Corp and Royal Caribbean Cruises Ltd shed more than 9.5% each.

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– The Dow fell more than 700 points at the open on Monday, its biggest drop in seven weeks, as investors worried about the spread of the coronavirus, which has now hit record levels in the US. The S&P 500 and Nasdaq also fell more than 2% each, and both were on track for their worst days of the year. The sell-off came as new infections in the US hit record levels, with El Paso, Texas, asking citizens to stay home for the next two weeks, reports Reuters. In Europe, Italy and Spain imposed new restrictions. “People are nervous about the expansion in cases,’ said Christopher C. Grisanti, chief equity strategist at MAI Capital Management, Cleveland, Ohio. “The administration has said it does not want to slow down the economy yet as cases rise they may not have a choice. Other economically-sensitive industrials and financials posted the steepest percentage declines among S&P sectors. Energy index tracked a more than 3% fall in oil prices. Other economically-sensitive industrials and financials posted the steepest percentage declines among S&P sectors. Meanwhile, chances of a fiscal stimulus before the presidential election faded as US Treasury Secretary Steve Mnuchin said there were a number of areas in House Speaker Nancy Pelosi’s plan that President Trump cannot accept. Wall Street’s fear gauge hit a near seven-week high even as 60 million Americans voted in a record breaking early turnout as Trump and his Democratic challenger Joe Biden enter their final week of campaigning. It is also one of the busiest weeks of the third-quarter earnings season. The tech sector is among the only three sectors apart from healthcare and consumer staples.