Stock market drop, Monday's stock-market selloff sets up worst September

 Stock market drop, Monday's stock-market selloff sets up worst September.

The Dow Jones Industrial Average dropped more than 800 points Monday following a report that large global banks were involved in transactions flagged as possible money laundering.

And hopes for another stimulus measure from Congress flagged as lawmakers focused on a fight over a Supreme Court nomination following the death of Justice Ruth Bader Ginsburg.

The Dow dove 3% and the broader S&P 500 index fell 2.5% in afternoon trading. The Nasdaq composite index was down 1.6%.

Bank stocks fell after a news report that JPMorgan Chase, Deutsche Bank and other giant banks defied money-laundering crackdowns. JPMorgan Chase fell more than 4%, Citigroup was down 3% and HSBC was down 6%.

A surge in COVID-19 cases in the United Kingdom raised fears of another lockdown there. Lockdowns have ripple effects that hurt several industries, including travel. Airlines stocks plummeted Monday, with United Airlines down 7.5% and American Airlines down 6.4%.

Stocks have had a rough September. The Dow has fallen more than 5% so far this month.

Another factor weighed on the market on Monday. Over the weekend, China announced rules for a new regulatory body that could blacklist foreign companies that unfairly treat Chinese companies or pose a threat to Chinese national security, NPR's Emily Feng reported.

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