Stocks slumped on Wall Street Wednesday after new coronavirus cases in the U.S. hit their highest level in two months, renewing worries that the economy may take longer to bounce back than investors had hoped.
Technology companies accounted for the biggest slice of the pullback. Financial, health care, communication services and industrial sector stocks also took heavy losses. Energy stocks fell the most as the price of oil dropped sharply.
Bond yields fell, another sign of caution in the market.
The S&P 500 dropped 80.96 points, or 2.6%, to 3,050.33.