Investors are also digesting dire jobless claims data and awaiting another vote on the Senate's $2 trillion stimulus bill. The decline ends a three-day rebound for US equities, the first such streak of gains since mid-February.
Here's where the major US indexes stood shortly after the 9:30 a.m. ET market open on Friday:
- : 2,551.42, down 3%
- : 21,850.55, down 3.1% (702 points)
- : 7,587.42, down 2.7%
Read more : Bill Miller's fund crushed the market for a record 15 straight years. He told us his strategy for the coronavirus meltdown, calling it 'one of the five great buying opportunities of my lifetime.'
Stocks have gained through much of the week on optimism for the Senate's $2 trillion stimulus bill. The legislation calls for direct payments of $1,200 to Americans, bolstered unemployment benefits, and hundreds of billions of dollars in loans for struggling businesses.
The bill passed unanimously in the Senate late Wednesday and is slated for a vote in the House later today.
Read more : 'The worst bear market of our lifetime': A Wall Street investment chief who predicted the recession warns stocks may fall 64% before the dust settles and lays out 3 trades set to profit from the coronavirus crash
Brent crude oil traded roughly 6% lower Friday morning to $25.30 per barrel, tumbling further as the global price war rages on.
Gold fell less than 1%, holding on to gain made earlier in the week. The precious metal skyrocketed in Monday and Tuesday's sessions after Goldman Sachs recommended clients begin buying the safe haven amid growing market panic.
Now read more markets coverage from Markets Insider and Business Insider:
- Bill Miller's fund crushed the market for a record 15 straight years. He told us his strategy for the coronavirus meltdown, calling it 'one of the five great buying opportunities of my lifetime.'
- Legendary investor Laszlo Birinyi nailed the 11-year bull market at every turn. He shares his 7-part strategy for thriving during a prolonged crisis and says a quick recovery from the coronavirus is 'wishful thinking.'
- GOLDMAN SACHS: Buy these 14 stocks, which all possess the 3 most important qualities for shielding against coronavirus fallout