The Stock Exchanges in New York Opened With A Loss on Monday

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The stock exchanges in New York opened with a loss on Monday. Fears of stricter measures to stave off further spread of the coronavirus weighed on sentiment on Wall Street.

 

The US banking sector was also in the spotlight following investigative reporters’ revelations about suspicious transactions worldwide.

Shortly after opening, the Dow Jones index recorded a minus of 1.6 percent at 27,202 points. The broad S&P 500 fell 1.5 percent to 3,267 points, and the Nasdaq technology exchange fell 1.4 percent to 10,642 points.

Furthermore, aviation companies and companies active in the tourism sector were down as a result of the fear of corona. Airlines like Delta Air Lines, United Airlines and American Airlines lost up to 7.5 percent. Cruise companies Carnival, Royal Caribbean Cruises and Norwegian Cruise Line fell to 6.3 percent.

Electric vehicle maker Nikola lost nearly 20 percent. Founder Trevor Milton has stepped down as chairman.

The US stock exchange regulator Securities and Exchange Commission (SEC) recently began an investigation into allegations of deception, fraud and fraud at the company. Carmaker General Motors (GM), which recently announced a partnership deal with Nikola, was lowered 4.3 percent.

At competitor Tesla (plus 2 percent), employees are called on to work harder. Before the end of September, when the quarter ends, as many cars as possible should roll off the production line. A record quarter may then be entered in the books.

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