- Title: Wall Street ends sharply lower as Delta variant sparks new lockdown fears
- Date: 19th July 2021
- Summary: CHARLOTTE, NORTH CAROLINA, UNITED STATES (JULY 19, 2021) (REUTERS) (SOUNDBITE) (English) CHIEF INVESTMENT OFFICER FOR COMERICA WEALTH MANAGEMENT, JOHN LYNCH, SAYING: "Trading action, Delta variant driven, seeing the bid for Treasuries right now, that also speaks to market fear. And ultimately, what we're seeing currently is defensive sectors leading, healthcare, consumer staples are down less. But I think longer term, there's sufficient stimulus in the monetary side, the fiscal side that I think cyclical value and small caps will catch a bit again." WHITE FLASH (SOUNDBITE) (English) CHIEF INVESTMENT OFFICER FOR COMERICA WEALTH MANAGEMENT, JOHN LYNCH, SAYING: "Low volume, you can't read too much into it, but when you see 40,000 cases today, that's a number a year ago, April, that caused the economy to shut down, so it's going to catch people's attention. Thankfully, we know a lot more about the virus at this point, and half the population is vaccinated, so those are two very big tailwinds in our favor."
- Embargoed: 2nd August 2021 21:12
- Keywords: COVID-19 Delta variant Dow Jones Nasdaq S&P 500 Wall Street coronavirus shares stocks trading vaccine
- Location: NEW YORK, NEW YORK, AND CHARLOTTE, NORTH CAROLINA, UNITED STATES
- City: NEW YORK, NEW YORK, AND CHARLOTTE, NORTH CAROLINA, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EMICOCN
- Aspect Ratio: 16:9
- Story Text: A surge in Delta variant infections sparked a broad sell-off on Wall Street on Monday (July 19) as investors feared renewed COVID-19 shutdowns and a protracted economic recovery.
All three major U.S. stock indexes ended the session sharply lower, with the S&P and the Nasdaq suffering their largest one-day percentage drop since mid-May.
The blue-chip Dow had its worst day in nearly nine months.
The risk-off sentiment also sent U.S. 10-year Treasury yields sliding, pulling rate sensitive banks stock prices with them.
The highly contagious COVID-19 Delta variant, now the dominant strain across the globe, has caused a surge in new infections and deaths, nearly exclusively among unvaccinated people.
Travel and leisure stocks plunged, with the S&P 1500 Airline index and the S&P 1500 Hotel and Restaurant index losing significantly more ground than the broader market.
The CBOE Volatility index, a gauge of investor anxiety, touched its highest level in two months.
The Dow Jones Industrial Average fell 725.81 points, or 2.09%, to 33,962.04, the S&P 500 lost 68.67 points, or 1.59%, to 4,258.49 and the Nasdaq Composite dropped 152.25 points, or 1.06%, to 14,274.98.
(Production: Fred Katayama, Roselle Chen)
- Copyright Holder: REUTERS
- Usage Terms/Restrictions: None