A resurgence of coronavirus outbreaks in the U.S., Europe and some other regions is weighing on investor sentiment.
Still, companies are facing higher raw materials costs and supply chain problems that could crimp future profits.
The situation is putting pressure on the Federal Reserve to move faster to rein in its ultra-low-rate policies in order to combat rising prices.
Biden is expected to announce within days whom he will choose for the nation’s most powerful economic position.