A manic Monday morning on Wall Street. The Dow plummeted more than 600 points at the market open. The S&P 500 declined nearly 2% as it fell back below the 3,000 mark and dipped below a key technical level. What's more, a gauge of investor anxiety jumped to its highest level since late April.

After brushing aside news about the coronavirus on hopes of an economic rebound, investors are now having second thoughts as they digested reports about a recent jump in cases in China and many parts of the United States.

The spike in infections sank shares of travel and leisure stocks which had staged a comeback rally over the past month. Among the losers: United Airlines, Norwegian Cruise Line and Wynn Resorts.

Cyclical sectors took a hit on dashed investor hopes of a swift economic recovery. Financials Bank of America, Citigroup and Morgan Stanley fell, as did energy majors Exxon Mobil and Chevron.

But shares of Moderna bucked the downdraft. A report said Israel is in advanced talks to buy its coronavirus vaccine, which is entering the final stage of testing.