Oops!Something went wrong.Please try again later.FortuneDow plunges nearly 900 points: What’s driving the stock market selloffLee CliffordJuly 19, 2021, 11:43 AM·4 min readIn this article: Oops!Something went wrong.Please try again later.
The Delta variant is wreaking havoc on the world’s unvaccinated populations—and the stock market as well.
By midafternoon Monday the Dow was on pace for one of the worst days of the year (if not the worst day) so far, down more than 890 points to 33,797 (–2.57%). The S&P 500 was down 86 points to 4,640 (–2.00%), and the Nasdaq was faring a little better, down 190 points to 14,236 (–1.32%). As Fortune’s Bernhard Warner put it, the market has the Delta blues.
On CNBC’s Squawk Box this morning, Mohamed El-Erian, chief economic adviser of Allianz and former co-CEO of Pimco, pointed to two culprits behind the selloff: “You have two concerns coming together…concerns about market technicals and concerns about growth,” he said.
“That’s what all the asset classes are telling...read more...