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Photo: Spencer Platt/Getty Images

Stocks closed down more than 3% on Thursday, while yields on the benchmark government bond — considered a safe-haven asset — hit new lows.

Why it matters: Market volatility isn't letting up, and fears continue to mount about the coronavirus' impact on the economy and businesses. The S&P 500's biggest decliners Thursday were cruise-lines and airlines — including Royal Caribbean, Carnival and American Airlines.

By the numbers: Thursday's losses erased nearly all of Wednesday's 4% gains. The index is back in correction territory, or 10% below its record high.

  • The best-performing S&P 500 stock on Thursday was Kroger, which said it was benefiting as anxious consumers stockpiled pantry staples, per the Wall Street Journal. Shares rose more than 8%.

Of note: The yield on the U.S. 10-year treasury note hit a record low of 0.898% on Thursday, reflecting investors' fears about the global economy as the coronavirus outbreak spreads.

Go deeper

2 hours ago - Health

Food banks feel the strain without holiday volunteers

People wait in line at Food Bank Community Kitchen on Nov. 25 in New York City. Photo: Michael Loccisano/Getty Images for Food Bank For New York City

America's food banks are sounding the alarm during this unprecedented holiday season.

The big picture: Soup kitchens and charities, usually brimming with holiday volunteers, are getting far less help.

4 hours ago - Health

AstraZeneca CEO: "We need to do an additional study" on COVID vaccine

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

AstraZeneca CEO Pascal Soriot said on Thursday the company is likely to start a new global trial to measure how effective its coronavirus vaccine is, Bloomberg reports.

Why it matters: Following Phase 3 trials, Oxford and AstraZeneca said their vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus cases rose 10% in the week before Thanksgiving.
  2. Politics: Supreme Court backs religious groups on New York coronavirus restrictions.
  3. World: Expert says COVID vaccine likely won't be available in Africa until Q2 of 2021 — Europeans extend lockdowns.
  4. Economy: The winners and losers of the COVID holiday season.
  5. Education: National standardized tests delayed until 2022.

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