The Dow fell nearly 500 points and bond yields slid, as investors worried that the spread of the coronavirus Delta variant could hold back the global economy
U.S. stocks, oil prices and government bond yields slid Monday amid anxiety that the spread of the Delta coronavirus variant would hold back the global economy.
The Dow Jones Industrial Average slumped 602 points, or 1.7%, starting the week with big losses after the index. The S&P 500 fell 1.5%, while the technology-heavy Nasdaq Composite declined 1.3%. In a sign that investors were sheltering in the safety of government bonds and other safe-haven assets, the yield on 10-year Treasury notes fell to 1.214% from 1.30% Friday. Yields, which fall when bond prices climb, haven’t been that low since February.
Oil prices fell after the Organization of the Petroleum Exporting Countries and a Russia-led group of big producers. Futures on Brent crude, the international benchmark, fell 4.5% to $70.30 a barrel, their lowest level since June. The moves were reminiscent of trading patterns that prevailed in the early days of the pandemic. Investors sold shares of companies directly affected by restrictions on movement and business, while buying government bonds and stocks that stood to benefit from the work-at-home phenomenon.
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