(RTTNews) - After moving sharply lower earlier in the session, stocks continue to see substantial weakness in mid-day trading on Wednesday. With the steep drop on the day, the Dow and the S&P 500 have fallen to their lowest intraday levels in over a month.
The major averages have climbed off their worst levels in recent trading but remain firmly negative. The Dow is down 669.88 points or 2.4 percent at 26,793.31, the Nasdaq is down 312.75 points or 2.7 percent at 11,118.60 and the S&P 500 is down 83.22 points or 2.5 percent at 3,307.46.
The sell-off on Wall Street comes amid continued concerns about a recent spike in coronavirus cases across the U.S.
Data from John Hopkins University showed that daily new coronavirus cases have risen by a record average of 69,967 over the past week.
The jump in new infections has also been accompanied by an increase in hospitalizations and deaths, leading to worries about new lockdowns.
The U.S. reported 73,240 new confirmed cases and 985 deaths on Tuesday, according to the latest data from John Hopkins University.
Meanwhile, President Donald Trump has continued to downplay the pandemic in recent days, accusing the media of focusing too much on the disease ahead of next week's elections.
"Covid, Covid, Covid is the unified chant of the Fake News Lamestream Media. They will talk about nothing else until November 4th., when the Election will be (hopefully!) over," Trump tweeted this morning. "Then the talk will be how low the death rate is, plenty of hospital rooms, & many tests of young people."
Adding to the negative sentiment, Trump admitted that talks have collapsed for a coronavirus stimulus package before Election Day.
"After the election, we will get the best stimulus package you have ever seen," Trump told reporters at the White House.
Gold stocks continue to turn in some of the market's worst performances in mid-day trading, with the NYSE Arca Gold Bugs Index plunging by 5.8 percent to its lowest intraday level in over three months.
The sell-off by gold stocks comes amid a steep drop by the price of the precious metal, as gold for December delivery is plummeting $31.20 to $1,880.70 an ounce.
Substantial weakness also remains visible among airline stocks, resulting in a 5.2 percent nosedive by the NYSE Arca Airline Index.
Energy stocks are also seeing significant weakness as the price of crude oil for December delivery is tumbling $2.14 to $37.43 a barrel.
Software, semiconductor and transportation stocks have also shown notable moves to the downside amid broad based weakness on Wall Street.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index dipped by 0.3 percent, while China's Shanghai Composite Index rose by 0.5 percent.
Meanwhile, the major European markets have all moved sharply lower on the day. While the U.K.'s FTSE 100 Index has tumbled by 2.9 percent, the French CAC 40 Index is down by 3.6 percent and the German DAX Index is down by 4.2 percent.
In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 0.773 percent.
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