Dow tumbles 800 points as COVID-19 cases hit record and stimulus hopes fade

• US stocks fell on Monday as daily COVID-19 cases hit a record and a stimulus deal appeared increasingly unlikely before the presidential election next week.
• US daily coronavirus cases surpassed 80,000 on both Friday and Saturday amid reports that five people in Vice President Mike Pence's inner circle had tested positive for the virus.
• The White House advisor Larry Kudlow told CNBC on Monday that stimulus talks "have slowed down, but they're not ending."
• Watch major indexes update live here.

US stocks fell on Monday as COVID-19 cases surged to a record over the weekend and hopes of a stimulus deal before next week's presidential election faded.

On both Friday and Saturday, US COVID-19 cases surged past 80,000, representing record highs in another wave of cases heading into the colder winter months.

Five people in Vice President Mike Pence's inner circle — including his chief of staff, Marc Short — reportedly tested positive for the virus.

Here's where US indexes stood at 12:40 p.m. ET on Monday:

• S&P 500: 3,385.48, down 2.3%
• Dow Jones industrial average: 27,519.59, down 2.9% (816 points)
• Nasdaq composite: 11,322.86, down 2%

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Though talks about a stimulus deal are ongoing, it's increasingly likely that there won't be a deal until after Inauguration Day in January.

"Talks have slowed down, but they're not ending," the White House advisor Larry Kudlow told CNBC on Monday.

The German tech firm SAP plunged on Monday after it cut its 2020 financial outlook because of a slow recovery from the COVID-19 pandemic. Dunkin' Brands jumped 18% after it confirmed reports that it's in preliminary talks to be acquired by Inspire Brands for $8.8 billion.

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Jack Ma's Ant Group is set to go public in the biggest initial public offering ever; it said it planned to raise $34.5 billion in a dual listing on the Hong Kong and Shanghai exchanges.

Gold inched higher, rising as much as 0.3%, to $1,908.59 per ounce.

Oil prices tumbled. West Texas Intermediate crude fell as much as 3.9%, to $38.28 per barrel. Brent crude, oil's international benchmark, fell 3.6%, to $40.25 per barrel, at intraday lows.

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