Stocks tumbled across the board on Monday as investors digested the death of U.S. Supreme Court Justice Ruth Bader Ginsburg, fearing that her passing further complicates efforts in Congress to pass another stimulus package before the presidential election.
RegentAtlantic chief investment officer, Chris Cordaro:
“The political landscape was so divisive, her death just turns up the volume for both sides, makes it more important for both sides, and I think that will enhance volatility coming into the election.”
The Dow declined 1.8%. The Nasdaq shed a tenth of a percent. And the S&P lost 1%.
In a reversal of last week’s pattern, value-oriented sectors such as energy and industrials led the downturn, underperforming tech stocks.
The possibility of a second national lockdown in the UK knocked down shares of U.S. airlines, hotels and cruise companies, including Delta, United, Carnival and Marriott.
The announcement that Nikola founder, Trevor Milton, is stepping down as executive chairman amid allegations of fraud sent shares skidding 19%. That also took down shares of GM, which said two weeks ago it’s taking an 11% stake in the electric truck maker.