Markets open low on Monday as tensions with China intensify

The Dow Jones Industrial Average lost 200 points at open Monday. The S&P 500 fell 0.55%.

Markets have had an unsteady first few days in May, as investors try to figure out how faith to put in new coronavirus treatments and plans for states and countries to reopen across the world.

The U.S. will continue to monitor the results of states and businesses resuming some sort of business as usual – including Florida on Monday starting Phase 1 of its strategy to reopen. 

Asian and European markets fell by about 3% across all major indexes, suggesting that those unsteady waves of trading may continue into this week. 

U.S. tensions with China were intensified over the weekend as Secretary of State Mike Pompeo did a lap on the Sunday shows during which he said, "I can tell you that there is a significant amount of evidence that this came from that laboratory in Wuhan." 

He also said that China "has a history of infecting the world, and they have a history of running substandard laboratories." 

J. Crew filed for bankruptcy first thing this morning. Following peak popularity more than a decade ago as a favorite brand of then-first Lady Michelle Obama. The brand has been struggling financially for years, and the pandemic is what finally led the clothier to file for protection. J Crew had plans to offer an initial IPO for its Madewell brand this spring, to raise cash for stores, but coronavirus upended that hope.