US stocks slip as surging virus cases lead to new lockdowns

• US stocks declined on Monday as a surge in COVID-19 cases across the country led to renewed lockdown orders.
• Millions of California residents were placed under new restrictions over the weekend, and bars, hair salons, and restaurants were ordered to close or cut back on operations.
• New daily virus cases reported in the US have hovered at about 200,000 this month.
• Watch major indexes update live here.

US stocks fell on Monday as a surge in COVID-19 cases led to new lockdown orders in California.

With about 200,000 new cases reported each day in the country this month and with record numbers of cases reported in California, the state implemented new restrictions and stay-at-home orders affecting millions of residents over the weekend.

Bars, hair salons, and restaurants were ordered to close or curtail operations, and stores were ordered to reduce their capacity to 20%.

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

• S&P 500: 3,692.14, down 0.2%
• Dow Jones industrial average: 30,109.41, down 0.4% (109 points)
• Nasdaq composite: 12,510.06, up 0.4%

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The surge in COVID-19 cases hasn't reduced investors' appetite for high-profile initial public offerings like Airbnb and DoorDash. Airbnb is expected to raise its valuation to $42 billion in its December debut.

Kodak surged as much as 98% after a federal watchdog said it found no problems with a $765 million government loan awarded to the company earlier this year.

Oil prices edged lower. West Texas Intermediate crude fell as much as 2%, to $45.36 per barrel. Brent crude, oil's international benchmark, dropped 1.7%, to $48.40 per barrel, at intraday lows.

Gold gained as much as 0.4%, to $1,845.88 per ounce.

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