Delta fell 7.6% for the largest loss in the S&P 500. American fell 7.5%, United lost 6.7% and Southwest dropped 5.6%.
Also potentially weighing on markets was Buffett saying that he's hanging onto his cash and hasn't made any big deals recently because he hasn't seen any on attractive terms.
Earlier in the day, markets in Asia and Europe also fell to losses after tensions worsened between the world?s two biggest economies. Some markets were also catching up to losses that hit the rest of the world while they were closed for holidays.
Criticized over his handling of the crisis, President Donald Trump has tried to shift the blame to China. Beijing has repeatedly pushed back on U.S. accusations that the outbreak was China's fault.
The antagonisms threaten to undo the truce in a trade war between Washington and Beijing that was struck just before China began shutting much of its economy down in late January to fight the pandemic.
A 4-page Department of Homeland Security intelligence report dated May 1 and obtained by The Associated Press contends that Chinese leaders "intentionally concealed the severity" of the pandemic from the world in early January.
It alleges, citing variances in trade patterns, that China was downplaying the severity of its outbreak, first reported in the central Chinese city of Wuhan, while stockpiling medical supplies.
"The renewed possibility of the return of the trade war that had plagued markets since at least 2017 once again weighed on sentiment," Jingyi Pan of IG said in a commentary.
There is no public evidence of an intentional plot to buy up the world's medical supplies, though China did muzzle doctors who warned of the virus early on. But it informed the World Health Organization of the outbreak on Dec. 31; contacted the U.S. Centers for Disease Control on Jan. 3 and publicly identified the pathogen as a novel coronavirus on Jan. 8. Many of its missteps appear to have stemmed from bureaucratic hurdles.
Stocks in Hong Kong dropped 4.2%, while South Korea's market lost 2.7%. In Europe, France's CAC 40 fell 4.3%, Germany's DAX lost 3.9% and the FTSE 100 in London slipped 0.2%.
The yield on the 10-year Treasury note fell to 0.62% from 0.64% late Friday. Yields tend to fall when investors are downgrading their expectations for the economy and inflation.
Benchmark U.S. crude oil was flat at $19.78 per barrel. U.S. crude has plunged from its perch of roughly $60 at the start of the year on worries about a collapse in demand and strained storage facilities. Brent crude, the international standard, rose 0.6% to $26.59 per barrel.
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May 04, 2020 at 09:42PM
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Stocks Story - DTN The Progressive Farmer
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