EDITOR'S NOTE
And just like that, the Dow Jones Industrial Average’s gains for the month were gone.
The 30-stock average plunged 650 points, or 2.3%, on Monday as traders grappled with a rising number of coronavirus cases as well as the dimming prospects of U.S. lawmakers reaching a new stimulus deal before the election.
That decline erased the Dow’s gain for October and marked the Dow’s worst one-day performance since Sept. 3. The S&P 500 and Nasdaq Composite were also under pressure, falling more than 1.6% each. 
“Stocks [began] the week in the red as challenging stimulus and coronavirus headlines disappoint a market that is ripe for disappointment,” Willie Delwiche, investment strategist at Baird, wrote in a note. “These headlines and election-related jitters could serve a useful purpose IF they allow for a meaningful unwind in optimism while not inflicting significant broad market damage.”
The decline was led by stocks with the most to lose from rising cases and a stalled stimulus plan. United Airlines, Royal Caribbean and Norwegian Cruise Line were among the worst-performing names in the S&P 500.
Monday’s drop also comes as traders brace for next week’s presidential election. Former Vice President Joe Biden maintains a sizable lead over President Donald Trump in national polls, although the gap has narrowed slightly as of late.
“With the election about a week away, November could take the cake when it comes to volatility depending on timing of the outcome,” said Chris Larkin, managing director of trading and investment product at E-Trade.
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