Dow plummets 726 points for worst day of 2021 as virus variants threaten global recovery

Dow plummets 726 points for worst day of 2021 as virus variants threaten global recovery

US stocks cratered on Monday as investors eyed a spike in global COVID-19 cases led by the Delta variant, throwing up a roadblock to a full recovery of the economy. The Dow Jones industrial average fell 726 points, or about 2.1%, for its worst day since October 2020, while the benchmark S&P 500 and tech-heavy Nasdaq Composite also tumbled. The yield on the 10-year Treasury note declined as much as 12.2 basis points to 1.177%, its lowest level since February as investors flocked to safe-haven assets. "COVID has returned to the front burner of investor concerns right now," David Donabedian, CIO of CIBC Private Wealth, said in a note. "Last week we had high inflation readings. Now we have concerns that the rise in COVID cases is dimming the economic outlook. While the second-quarter earnings reports have so far beat expectations, this is old news now." of airlines, cruise operators, and other travel companies slumped on concerns that the Delta variant would derail the recovery. and airplane maker all slipped roughly 5% each. and hotel chain both declined by roughly 3% each. Meanwhile, , , and all fell as well. s tumbled, including Texas-based oil equipment maker and . Some