Markets fall amid record high COVID-19 cases

Markets fell on Monday.

The S&P 500 plunged 1.9 percent, the STOXX Europe 600 tumbled 1.8 percent and the Shanghai Composite fell 0.8 percent.

Markets fell as the US, Russia, France and many other countries are setting records for COVID-19 infections, forcing some countries to impose new curbs.

Hopes for a stimulus deal in the US also dimmed after White House economic advisor Larry Kudlow said on Monday that talks had slowed down.

“The double whammy of a stalled stimulus bill and new highs in cases is a harsh reminder of the many worries that are still out there,” said Ryan Detrick, chief market strategist at LPL Financial.