The declines come as coronavirus cases across the US soar, diminishing investors hopes of a global economic recovery. “It will be important to watch the number of US deaths in coming weeks and whether greater questions will be asked about the extent of necessary restrictions,” NAB economist Tapas Strickland said.
California reported more than 10,000 coronavirus cases on Tuesday.
This is a record rise for a single day that also surpassed the number of contact tracers recently trained by the state to detect and prevent potential outbreaks.
Second-quarter earnings season will begin in earnest from next week.
Today marks an end to the five-day winning streak by the benchmark S&P 500 index, its longest this year and driven by better-than-expected economic data.
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