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(Bloomberg) -- Stocks slumped and Treasuries rallied as a resurgence in coronavirus cases added to concern about tougher restrictions that could slow down the economic recovery without further stimulus.The S&P 500 sank as much as 1.4% as New York City -- the early epicenter of the pandemic in the U.S. -- prepared for the possibility of closing its schools while Chicago issued an advisory urging residents to avoid leaving home except for work and other essential activities. The Trump administration is stepping back from talks on a government relief package and leaving it up to Congress to revive negotiations with House Speaker Nancy Pelosi, according to people familiar with the situation. Majority Leader Mitch McConnell took the first step for the Senate to confirm Judy Shelton as soon as the coming week to the Federal Reserve board, one of President Donald Trumps outstanding two nominations.All major groups in the American equity benchmark retreated, led by declines in energy producers and banks. While the Nasdaq 100 erased earlier gains, it outperformed other benchmarks on bets that tech companies flush with cash will remain as a safety trade. The Russell 2000 index of smaller companies sank.Read: Raging Virus, Fresh Restrictions Bite Budding Rotation TradeThree of the worlds top central bankers warned Thursday that the prospect of a Covid-19 vaccine isnt enough to put an end to the economic challenges created by the pandemic. Coronavirus infections and hospitalizations are rising in 49 U.S. states, compared with a week ago, according to Covid Tracking Project data. Deaths, a lagging indicator, are climbing in 35. And the velocity at which records are being shattered suggests any decline may yet be far off. The U.S. recorded 152,255 new infections on Wednesday as the virus spreads across the nation, with fatalities reaching their highest point since May.The blame seems to be going to the increased cases of Covid-19 in the U.S. and around the world, and the proposed lockdowns that are going along with it, said Matt Maley, chief market strategist at Miller Tabak + Co, referring to the drop in equities. This makes total sense, but we also need to recognize that this is not new news at all. Therefore, we think the real reason for the weakness is the simple fact that the stock market had become overbought on a very short-term basis.JPMorgan Asset Management is cutting its projections for cross-asset returns over the next decade and signaling more pain for 60/40 allocations that have long formed the bedrock of traditional portfolios. Strategists at the firm reduced their estimate for global equities by 1.4 percentage point to 5.1% a year in the next decade, citing elevated valuations in U.S. large caps. They forecast negative inflation-adjusted returns across almost all sovereign bonds over the next 10 to 15 years, with yields remaining low even after rates normalize.U.S. stocks are likely to fall short in their push to break a dot-com era record, according to Chris Kimble, chief executive officer of Kimble Charting Solutions. Kimble analyzed the ratio between the Nasdaq 100 and the Dow Jones Industrial Average in a blog post this week. The ratio climbed as much as 40% this year through Sept. 1, when it reached the highest level since March 2000, according to data compiled by Bloomberg. On Monday and Tuesday, the ratio fell by a combined 7.4%. The two-day drop was the steepest since May 2001.These are some of the main moves in markets:StocksThe S&P 500 Index dipped 1.3% as of 2:47 p.m. New York time.The Stoxx Europe 600 Index decreased 0.9%.The MSCI Asia Pacific Index rose 0.3%.CurrenciesThe Bloomberg Dollar Spot Index climbed 0.1%.The euro climbed 0.2% to $1.1798.The Japanese yen strengthened 0.2% to 105.20 per dollar.BondsThe yield on 10-year Treasuries fell eight basis points to 0.89%.Germanys 10-year yield sank three basis points to -0.54%.Britains 10-year yield slid seven basis points to 0.348%.CommoditiesThe Bloomberg Commodity Index was little changed.West Texas Intermediate crude increased 1% to $41.88 a barrel.Gold rose 0.5% to $1,875.85 an ounce.(An earlier version of the wrap corrected spelling of strategist name in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P.

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