Dow tumbles over 700 points, oil slams – .

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Dow tumbles over 700 points, oil slams – .


U.S. stock markets were under pressure on Monday as the recent surge in COVID-19 infections fueled fears of an economic slowdown.

New COVID-19 infections jumped 70% last week to around 30,000 per day as the Delta variant continued to spread. Deaths have risen to an average of 250 per day, mostly among unvaccinated people.

Teleprinter security Last Changer Changer %
Me: DJI MEDIUM DOW JONES 33899.33 -788.52 -2,27%
SP500 S&P 500 4252.53 -74.63 -1,72%
I:COMP NASDAQ COMPOSITE INDEX 14242.996861 -184.24 -1,28 %

The Dow Jones Industrial Average fell more than 700 points, or 2.2%, while the S&P 500 and Nasdaq Composite fell 1.87% and 1.65% respectively. On Friday, major averages suffered their biggest single-day declines in a month.

Teleprinter security Last Changer Changer %
OF DELTA AIRLINES, INC. 38.37 -1.70 -4,24%
CCL CARNIVAL CORP. 19,83 -1.10 -5,26%
LVS CORP. 47.15 -0,64 -1,34 %

Actions related to reopening the global economy were under additional pressure, including Delta Air Lines Inc., Carnival Corp. and Las Vegas Sands Corp., fearing a resurgence of COVID-19 could cause virus-wary travelers to stay at home. Restaurants are also taking a hit.

Teleprinter security Last Changer Changer %
CAKE CHEESECAKE FACTORY, INC. 47,76 -2.09 -4,19%
DRY SHAKE SHACK 90,43 -2.30 -2,48 %
DRI RESTAURANTS DARDEN, INC. 135,56 -6,28 -4,43%

The sell-off in the stock markets prompted investors to seek safety in the US Treasury market, with the 10-year note yield falling 7 basis points to 1.22%, the lowest since mid-February.

Teleprinter security Last Changer Changer %
JPM JPMORGAN CHASE & CO. 146,90 -4,92 -3,24%
BAC BANK OF AMERICA CORP. 36,87 -1.04 -2,74%
C CITIGROUP, INC. 64,72 -2.17 -3,24%

In equities, rate-sensitive banks like JPMorgan Chase & Co. Bank of America Corp. and Citigroup Inc., were down.

Teleprinter security Last Changer Changer %
USE UNITED STATES PETROLEUM FUND LP 46,46 -2,67 -5,43%
XLE ETF SPDR ENERGY SELECT SECTOR 46,75 -1,97 -4,04%

Meanwhile, energy companies were in the crosshairs as West Texas Intermediate crude fell from $ 2.62 to $ 69.19 a barrel after OPEC and its allies agreed to increase production. an additional 2 million barrels per day from August.

Teleprinter security Last Changer Changer %
ZM ZOOM VIDEO COMMUNICATIONS, INC. 348.33 -13,63 -3,77%
FIVN FIVE9, INC. 186.05 +8.45 +4,76%

In the deals, Zoom Video Communications Inc. agreed to buy cloud-based call center operator Five9 Inc. for $ 14.7 billion in shares. The deal, which was struck at a 13% premium over Five9’s closing price on Friday, will pay Five9 shareholders 0.5533 Zoom shares for every Five9 share they own.

Teleprinter security Last Changer Changer %
JNJ JOHNSON & JOHNSON 166,57 -1.55 -0,92 %

Elsewhere, Johnson & Johnson is considering a plan that would put its baby powder and other talc-related operations at a new company that would then file for bankruptcy, Reuters reports, citing seven people familiar with the matter. Such a decision could result in lower payments for lawsuits not settled before filing for bankruptcy.

Overseas markets were in sharp decline.

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European stock markets fell sharply, with the German DAX 30 falling 2.68%, the French CAC 40 losing 2.48% and the UK FTSE 100 dropping 2.33%.

In Asia, Hong Kong’s Hang Seng index slipped 1.84%, Japan’s Nikkei 225 fell 1.25%, and China’s Shanghai Composite was little changed.

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