As coronavirus cases rise significantly in many states, investors are spooked about a rocky pandemic recovery.
The Dow Jones Industrial Average was down 710 points, or nearly 3%, at market close today as coronavirus cases continued to increase in many states across the South and the West.
Among major footwear stocks, Nike shares declined about 1.8% ahead of the athletic giant’s Thursday earnings report. Shares of Macy’s and Nordstrom, which have both been hit hard during the outbreak, fell about 5% and 7% respectively.
There’s no doubt that retailers and brands are anxious as the coronavirus worsens in states with large store counts, including Texas, Florida and California. In New York City, stores are just reopening this week after being shut down for months, but any recovery is expected to be uneven.
In total, more than 35,000 new cases were identified across the country on Tuesday, according to findings from The New York Times.
Just today, there have been a wave of announcements that indicate officials are growing increasingly concerned about the continued impact of the pandemic.
New York Gov. Andrew Cuomo said his state — in partnership with New Jersey and Connecticut — was instituting a 14-day mandatory quarantine for travelers arriving from eight states seeing significant spread.
The New York marathon, slated for November, was also canceled over fears related to the virus.
And on Tuesday, reports surfaced that the European Union was considering a travel ban that would exclude American travelers from entering its borders given the gravity of the pandemic in the U.S.