Dow drops 383 points as COVID-19 cases surge

• US stocks declined in the first trading session of 2021 on Monday as investors weighed a new spike in virus cases.
• Bitcoin saw a volatile trading session on Monday as it fell as much as 17%. The decline followed a surge to record highs just below $35,000.
• Watch major indexes update live here.

US stocks declined in the first trading session of 2021 on Monday as investors weighed another spike in virus cases.

To combat the surge in COVID-19 cases and a new strain of the virus, the UK is entering a full national lockdown until at least mid-February, with most schools transitioning to remote learning.

Bitcoin surged and then dropped in a volatile trading session. The popular cryptocurrency hit record highs just below $35,000 on Sunday before falling as much as 17% in Monday trades to levels not seen since last week. Bitcoin's fall was its steepest since March.

Here's where US indexes stood at the 4 p.m. ET close on Monday:

• S&P 500: 3,700.65, down 1.5%
• Dow Jones industrial average: 30,223.89, down 1.3% (383 points)
• Nasdaq composite: 12,698.45, down 1.5%

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Tesla jumped after it said it delivered nearly 500,000 electric vehicles in 2020, besting Wall Street expectations and falling just a few hundred vehicles short of its delivery target.

Nio was following in Tesla's footsteps after it reported record December and fourth quarter delivery numbers. The stock jumped as much as 12%.

Herbalife fell after billionaire investor Carl Icahn sold $600 million worth of shares in the company and gave up board seats.

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QuantumScape tumbled as much as 44% in its first day of 2021 trading on Monday after staging a 745% rally in 2020. No official news was attributed to the decline but the company did file with SEC to sell 306 million shares last Thursday.

Oil prices tumbled. West Texas Intermediate crude dropped as much as 2.8%, to $47.18 per barrel. Brent crude, oil's international benchmark, declined 2.4%, to $50.56 per barrel, at intraday lows.

Gold jumped as much as 2.4%, to $1,944.52 per ounce.

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