Markets
Here are today’s market moves:
What Happened?
U.S. stocks tumbled on Monday. The S&P 500 fell 1.6% while the Dow Jones dropped 2.1% – its worst day since October.
Why the decline? A combination of factors, including rising inflation fears and the spread of the delta variant of coronavirus.
New cases of the virus are up 34% globally over the past two weeks.
A surge in Covid cases could extend supply chain disruptions and impact the trajectory of the economic recovery. Investors now seem to be dialing down their growth expectations in the coming months.
On the bright side, the S&P 500 is still up more than 13% this year and closed at a record last week.
Oil prices tanked nearly 7% after the Organization of the Petroleum Exporting Countries and a Russia-led group of big producers agreed to raise production.
The crypto market fell on Monday, with Bitcoin trading just below $31k, driven by a broader selloff in risk assets.
What Else?
This Week
Monday: Earnings expected from IBM.
Tuesday: Earnings expected from Chipotle and Netflix.
Wednesday: Earning expected from Coca-Cola, Johnson & Johnson, United Airlines, and Verizon.
Thursday: Earnings expected from Blackstone, Domino’s, Intel, Snap, and Twitter.
Friday: Earnings expected from American Express and Honeywell.