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People wearing masks on the first day of the Lunar New Year in Hong Kong, Jan. 25. Photo: Dale de la Rey/AFP via Getty Images

The Dow Jones Industrial Average dropped more than 450 points Monday, as worries about the coronavirus rattled U.S. markets.

Why it matters: The coronavirus could drastically affect markets if consumers refrain from travel. Companies that rely on tourism including airlines and resorts were hit especially hard Monday. The sell-off marked the Dow's first five-day losing streak since August, AP reports. It was also the S&P 500's worst day since October.

  • Most Asian markets were closed for the Lunar New Year, but Japan's Nikkei dropped by 2.03%.
  • Traders retreated to gold and bonds for safer holdings.

The big picture: Over 2,800 cases of coronavirus have been confirmed in China while dozens of cases have appeared elsewhere. The U.S. has five confirmed cases according to the latest Centers for Disease Control data. Multiple areas of China are limiting travel to contain the outbreak.

Go deeper: U.S. evacuates personnel as coronavirus death toll climbs

Go deeper

Firefighters end search for bodies at Surfside

A picture in the memorial that has photographs of some of the victims from the partially collapsed 12-story Champlain Towers South condo building on July 15 in Surfside, Florida. Photo by Joe Raedle/Getty Images

Firefighters on Friday concluded their search for bodies at the site of the June 24 collapse of the Champlain Towers South condominium in Surfside, Florida.

Driving the news: 97 people were killed and one woman, Estelle Hedaya, remains missing.

Updated 1 hour ago - Sports

Olympics dashboard

🚨: Team USA closes out Day 1 with no medals for 1st time since 1972

πŸ“Ί: The Olympic events to watch today

πŸ›Ή: Athlete spotlight - Nyjah Huston hopes to skate his way into Olympic history

πŸ‡ΊπŸ‡Έ: After loss to Sweden, U.S. women's soccer team overwhelms New Zealand

πŸ₯‡: The six new sports at Tokyo 2020

πŸ‘»: How the no-spectator Olympics could affect the athletes

πŸ’‰ About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage

2 hours ago - Sports

Jill Biden cheers on Team USA at Tokyo Olympics

Jill Biden congratulates U.S. women 3x3 basketball team after the first round 3x3 basketball match. Photo: Mustafa Yalcin/Anadolu Agency via Getty Images

First lady Jill Biden attended three Olympic events on Saturday and hosted a watch party at the U.S. Embassy for the Team USA-Mexico softball game.

Driving the news: On her first day as a spectator at the Games, Biden attended a women's 3x3 basketball game, cheered on American swimmers during preliminary heats and caught the second half of the U.S. women's soccer game against New Zealand.