Just A Huge Bear Market Rally?" Stocks Tumble On Fears Of Second Virus Wave

Gold last traded at $1,734 an ounce. Silver at $17.53 an ounce.

NEWS SUMMARY: Precious metal prices eased back Monday on profit-taking as global stocks declined. U.S. stocks fell as investors grappled with signs of a second wave of coronavirus cases as the U.S. economy reopens.

 ZERO HEDGE"---In a continuation of the selloff that started overnight, US equity futures and world stocks are plunging on Monday on signs that a second wave of the pandemic is emerging in parts of the United States and China, dousing investor hopes of a quick economic rebound that had powered the Nasdaq to record levels last week....After dropping as much as 1,000 points, Dow futures were down about 600 points at last check, with S&P futures dropping as much as 3.4% in early London trading in what some have dubbed "Meltdown Monday", although S&P 500 futures managed to trim their losses in half, last down about 1.6%. Travel stocks which were hit hard as passenger numbers dwindled due to travel restrictions, slumped on Monday with retail favorites such as United Airlines Holdings Inc, American Airlines Group, Carnival Corp, Norwegian Cruise Line Holdings Ltd and Royal Caribbean Cruises Ltd down between 5.1% and 7.4% in pre-market trading....'Any further sell off from here will likely see some larger unwinds of the more price and momentum driven investment styles,' said James Athey, a money manger at Aberdeen Standard Investments. 'People will then start openly asking the question again, 'Was that just a huge bear market rally?'"