Stocks fell sharply Monday as the pandemic’s resurgence in the United States fueled expert concerns that the highly contagious Delta variant of Covid-19 could spur renewed restrictions and ultimately curtail the economic recovery.AFP via Getty ImagesThe Dow Jones Industrial Average posted its biggest one-day point drop since widespread election uncertainty on October 28, tumbling about 725 points, or 2.1% Monday, while the S&P 500 shed 1.
Oil stocks, which tend to underperform when the market struggles, were also hit hard: Marathon Oil and Occidental fell roughly 5% and 4%, respectively, following aamong international oil producers that pushed recently spiking oil prices down about 8%. However, many big-tech companies set to report earnings before month’s end posted sizable losses, with Facebook and Apple down 1.2% and 2.7%, respectively.
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Today will be much worse. Wednesday will be horrendous. Dow Jones near 10k by end of the week.
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