On Thursday, the Dow Jones Industrial Average dropped 969 points and the Nasdaq fell 279. Equities fell as investors responded to the continued spread of the coronavirus. The major averages are 11% off of their record highs, and are now in correction territory.
Entertainment stocks that rely on congregating people, such as theme parks, hotels, casinos, and cruise lines all stumbled. Carnival Cruise Lines is down more than 36% over the last month.
In a bad trend for savers, interest rates also fell. The yield on the 10-year U.S. Treasury bond fell to 0.91%, which is about half the rate of inflation. Falling bond yields are putting pressure on the Federal Reserve to cut rates even more after they dropped rates by 0.50% on Monday.