US stocks decline as COVID-19 shutdown concerns persist

• US stocks fell on Thursday as concerns about another round of COVID-19-related lockdowns was heightened after the New Yor City school system transitioned to remote learning.
• A rise in daily COVID-19 cases led to an infection rate of more than 3% in New York City, which spurred Mayor Bill DeBlasio to shut down physical learning at schools on Wednesday.
• On the economic data front, 742,000 more Americans filed for unemployment last week, more than experts had forecast.
• Watch major indexes update live here.

US stocks declined on Thursday as investor concerns about another round of COVID-19 related lockdowns remained heightened following New York City's decision to transition its school system to remote learning on Wednesday.

A continued rise in daily COVID-19 cases led to a seven-day average infection rate of more than 3%, which was the threshold set by NYC Mayor Bill DeBlasio to close physical learning at schools.

Investors also weighed discouraging news on the economic data front as 742,000 more Americans filed for unemployment last week, more than experts had forecast.

Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:

• S&P 500: 3,554.43, down 0.4%
• Dow Jones industrial average: 29,309.41, down 0.4% (129 points)
• Nasdaq composite: 11,788.95, down 0.1%

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Despite the new round of COVID-19 related restrictions in New York, investors remain hopeful on the successful development of vaccines to prevent the virus.

AstraZeneca became the latest pharmaceutical company to reveal positive data related to its vaccine in development. Phase II trial results of AstraZeneca's COVID-19 vaccine candidate demonstrated a strong immune response in elderly patients, according to data published in the Lancet medical journal.

Oil prices declined. West Texas Intermediate crude fell as much as 1.8%, to $41.08 per barrel. Brent crude, oil's international benchmark, fell 1.2%, to $43.79 per barrel, at intraday lows.

Gold also fell on Thursday, declining as much as 1%, to $1,852.81 per ounce.

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