Photo: Johannes Eisele/AFP via Getty Images

The S&P 500 closed 12% lower on Monday, while the Dow fell 13% (or 2,999 points).

Driving the news: The sell-off accelerated during President Trump's afternoon press conference as concerns about the coronavirus outbreak's economic impact continued to grip markets.

Here's how swift and sharp the stock market's decline has been: The S&P 500 hit a record high just over one month ago. The index is now about 29% below that level.

  • The Nasdaq Composite, which dropped 12.3%, had its worst day in its 49-year history on Monday.

The big picture: The worst day for Wall Street in 30 years comes despite the series of aggressive measures announced by the Fed to shield the economy from coronavirus impact.

  • Outside the U.S., market volatility resumed around the globe as the pandemic worsened and governments ramped up efforts to contain the outbreak.
  • Europe's main stock index closed 4.8% lower, after dropping as much as 8%. Stocks in Hong Kong fell more than 4%.

The bottom line: Economists agree the near-halt to economic activity to prevent further spread of the coronavirus will put a big dent in U.S. growth. The question is how bad it will be. President Trump told reporters on Monday the economy "may be" heading into a recession.

  • On Monday morning, a Federal Reserve survey of business conditions in New York saw the biggest month-over-month drop ever and fell to its lowest level since 2009.
  • Manufacturers said they cooled hiring and cut workers' hours amid a sharp decline in new orders.

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.