Stocks suffered their biggest one-day pull-back in three months on Thursday as traders grew concerned about the number of cases increasing in some states that are reopening up from lockdowns.

Shares that have surged recently on hopes for a smooth reopening of the economy led the declines.

Gold futures climbed on Thursday to their highest finish in more than a week, supported by growing concerns of a resurgence in U.S. cases of coronavirus and a sobering economic outlook from the Federal Reserve.