Stock Market Starts Paring Back Massive Losses As ‘Covid Anxiety’ Climbs

SourceForbes
SectorEconomy
CountryMiddle east

Topline

Major stock market indexes recovered a fraction of their Monday losses in early Tuesday trading as the tenor of Covid-19 news continued to fuel investor concerns that the rapidly spreading Delta variant of the virus could hurt economic activity, all while the start of second-quarter earnings season sheds light on the supply shortages starting to cripple certain industries.

“Investors are facing the very real prospect that limitations on daily life could be a factor… … [+] into 2022,” Deutsche Bank analysts cautioned Tuesday.

Getty Images

Key Facts

After falling 2.1% and 1.6%, respectively, the Dow Jones Industrial Average and S&P 500 climbed 417 points and 35 points, or roughly 1% each, shortly after the market opened.

The tech-heavy Nasdaq added back about 0.5% after falling 1.1% Monday—boosted once again by healthcare stocks, including top-performers Neurobo Pharmaceuticals, Immunome and Mediwound, which climbed 45%, 30% and 15%, respectively.

Travel and leisure stocks, which led the market’s Monday decline, posted only small gains, with Carnival Corp, American Airlines and Norwegian Cruise Lines climbing about 1%

...read more...