Analysts said the passing of U.S. Supreme Court Justice Ruth Bader Ginsburg adds another challenge to negotiations in Congress already deadlocked over another fiscal stimulus package.
Another concern for investors - the resurgence of the coronavirus, especially in Europe, as the UK signaled the possibility of a second national lockdown, shares of U.S. airlines, hotel and cruise companies tumbled. United Airlines, Delta, Wynn Resorts and Marriott were among the biggest decliners on the S&P 500.
Bank shares like JPMorgan Chase and Bank of New York Mellon also fell sharply. They were among several global banks that reportedly moved big sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money. They were in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by BuzzFeed News.
And shares of Nikola opened nearly 30% lower. Its founder, Trevor Milton, stepped down as executive chairman amid allegations of nepotism and fraud from a short-seller. That also knocked down shares of GM, which had just taken an 11% stake in the electric truck maker two weeks ago.
Since peaking September 2nd, the S&P 500 has fallen nearly 10%.