The Dow Jones Industrial Average .DJI slumped 4.06% to end at 21,636.78 points, while the S&P 500 .SPX lost 3.37% to 2,541.47.
The Nasdaq Composite .IXIC dropped 3.79% to 7,502.38.
The bill, along with unprecedented policy easing by the Federal Reserve, helped the S&P 500 .SPX surge 10.2% for the week, its best week since 2009. But the U.S. stock market benchmark is still down about 25% from its February high.
Macroeconomic indicators offered a glimpse of the economic devastation from the crisis as the lockdown of major cities upends the lives of millions of Americans.
U.S. consumer sentiment dropped to a near 3-1/2-year low in March, according to a survey released on Friday, a day after data showed a record 3 million surge in jobless claims last week.
· Stock futures fall 2%, pointing to another volatile week as investors assess coronavirus impact
U.S. stock futures traded lower on Sunday night following sharp gains last week while the number of coronavirus cases in the U.S. keeps rising at an alarming rate.
Dow Jones Industrial Average futures fell more than 400 points, or about 2%. S&P 500 futures were down by 2.1% while Nasdaq 100 futures slid 1.7%.
The Dow last week posted its biggest weekly gain since 1938, surging more than 12%. The S&P 500 and Nasdaq are coming off their best week since 2009, after rising 10.3% and 9.1%, respectively. To be sure, it was a volatile ride for investors. The S&P 500 posted daily swings of at least 2.9% in four of the five sessions. That includes a 3.4% drop on Friday for the S&P 500.
· European markets close lower as investors monitor coronavirus and stimulus measures
European stocks closed lower Friday as investors monitored the spread of coronavirus while policymakers scrambled to agree on a unified response.
The pan-European Stoxx 600 closed down 3.2%, with autos and travel and leisure stocks dropping more than 5.7% to lead losses as all sectors and major bourses slid into negative territory.
· Japan drops 4% as investors continue to assess economic impact of coronavirus pandemic
Stocks in Asia fell in morning trade on Monday as investors continue to assess the economic impact of the global coronavirus pandemic that continues to spread rapidly.
In Japan, the Nikkei 225 fell 4.18% as shares of index heavyweight and conglomerate Softbank Group dropped 8.82% while the Topix index slipped 4.59%. Over in South Korea, the Kospi shed 3.06%.
Meanwhile, shares in Australia edged higher, with the S&P/ASX 200 up 1.28%. That followed a more than 5% drop on Friday.
Overall, the MSCI Asia ex-Japan index traded 0.86% lower.
Investors continue to watch for developments on the global coronavirus outbreak, which has already infected more than 720,000 worldwide and taken at least 33,925 lives, according to the latest data compiled by John Hopkins University. Markets have been volatile in recent weeks, seeing sharp movements in both directions as authorities across the globe announced vast amounts of stimulus to stem the economic impact of the virus.
Reference: Reuters, CNBC
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