How major U.S. stock indexes fared Monday

U.S. stock indexes fell sharply Monday following a report that large global banks were involved in transactions flagged as possible money laundering

U.S. stock indexes fell sharply Monday following a report that large global banks were involved in transactions flagged as possible money laundering

The S&P 500 ended with its fourth-straight loss, though a last-hour rally helped trim its decline by more than half.

The Dow Jones Industrial Average sank over 800 points, or around three percent at the opening bell.

Dow member Microsoft rose after announcing plans to acquire privately-held ZeniMax, game publisher of popular titles including "The Elder Scrolls" and "Fallout", for $7.5 billion cash.

"It seems like the biggest reason for the decline in most global stock markets is the concern that tighter virus restrictions in Europe will result from the new spike in Covid cases now that the colder weather is upon us", Matt Maley, chief market strategist at Miller Tabak, said in a note seen by CNBC.

Larry Kudlow, speaking to Fox News Channel, pointed to Europe for the selling.

Another factor weighed on the market Monday.

And hopes for another relief measure from Congress flagged as lawmakers focused on the fight over a Supreme Court nomination following the death of Justice Ruth Bader Ginsburg.

"There is also just general election-related jitters. and possibly that we have a contested or delayed outcome".

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Nikola Corp plunged 19.3% after its founder, Trevor Milton, stepped down as executive chairman following a public squabble with a short-seller over allegations of nepotism and fraud. USA tech stocks, which led the market to new records, have been sliding in recent weeks.

Tensions between Washington and Beijing were also in focus, with the Chinese Ministry of Commerce releasing long-awaited provisions on its so-called "unreliable entity list", a day after the USA instituted its ban on WeChat and TikTok.

Elsewhere, big banks including Citigroup Inc., Goldman Sachs Group and JPMorgan Chase & CO. were lower after reports said the companies were among those that moved large amounts of allegedly illicit money for almost two decades.

Monday's slide comes after a few weeks of stock market losses.

Meanwhile, Catalent Inc., Etsy Inc. and Teradyne Inc. began trading on the S&P 500 while H&R Block Inc., Coty Inc. and Kohl's Corp. were removed from the index.

Declining issues outnumbered advancers for a 10.22-to-1 ratio on the NYSE and for a 6.86-to-1 ratio on the Nasdaq.

U.S. Treasuries advanced across tenors, led by 30-year bonds, which saw their yield drop four basis points 1.41%.

European markets were under pressure with Germany's DAX weaker by 4.44%, France's CAC off 3.83% and Britain's FTSE down 3.46%. The Nasdaq composite index closed down 0.1%.

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