Markets fall as COVID-19 cases set new records

Markets were mostly lower on Tuesday.

The S&P 500 fell 0.3 percent and the STOXX Europe 600 fell 1.0 percent. Asian markets were mixed.

Stocks pulled back as the COVID-19 pandemic continued its own record-breaking run. Europe reported a record 230,892 new cases on Monday while the US reported an average of 69,967 new cases daily over the past seven days, the highest seven-day average on record.

“We are dealing with exponential growth,” German Economy Minister Peter Altmaier announced.

“This is a harbinger of a very tough winter that’s coming,” said Dr Bill Schaffner, an epidemiologist at Vanderbilt University.