⁍ Wall Street’s indexes fell sharply on Monday as soaring coronavirus cases and a deadlock in Washington over the next fiscal aid bill darkened the economic outlook.

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⁍ 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 3.7% and cruise line operators Carnival Corp and Royal Caribbean Cruises Ltd shed more than 9% each.

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– The Dow Jones Industrial Average fell more than 500 points at the open on Monday, its biggest drop in more than two weeks, as investors worried about the spread of the coronavirus and deadlock in Washington over the next fiscal aid bill, Reuters reports. The S&P 500 and Nasdaq fell more than 1.5% and 1.5%, respectively. “The fear of what the increasing case loads might do to the US economy is driving the market today,” says Marc Chaikin, founder of Chaikin Analytics, Philadelphia. Meanwhile, Treasury Secretary Steve Mnuchin said on Monday that President Trump will not accept Nancy Pelosi’s plan for hurricane relief. “The harsh reality is it’s going to be very difficult to get as much as the $2 trillion deal even if they have something today or tomorrow,” says Ryan Detrick, senior market strategist at LPL Financial, North Carolina. “It’s not going to happen until after the election.”