Market Recap: Dow tumbles 700 points for its worst drop since October
Hey moomooers, Here is the latest Market Recap for you.
U.S. stocks fell aggressively Monday on concern a rebound in Covid cases would slow global economic growth.
Stocks to watch: $Delta Air Lines(DAL.US$, $United Airlines(UAL.US$, $American Airlines(AAL.US$, $Boeing(BA.US$ $Carnival(CCL.US$, $Norwegian Cruise(NCLH.US$ and so on.
Market Snapshot
U.S. stocks fell aggressively Monday on concern a rebound in Covid cases would slow global economic growth. The selling picked up as the session went on, and the Dow Jones Industrial Average had its worst day since last October.
The $Dow Jones Industrial Average(.DJI.US$ dropped 725.81 points, or 2.1%, to 33,962.04 in a broad-based rout that sent all 30 members lower. At one point during the session, the Dow was down 946 points before recovering some ground into the close.
The $S&P 500 Index(.SPX.US$ fell 1.6% to 4,258.49. Energy, financials and industrials were the worst-performing sectors.
The tech-dominated $Nasdaq Composite Index(.IXIC.US$ slid 1.1% to 14,274.98, posting its fifth-straight day of losses and worst losing streak since October.
What to drove the market?
U.S. stocks fell hard, but off the session's worst levels, as COVID-19 cases rose world-wide and concerns about "peak everything".
"The delta variant is getting a lot of attention right now as an explanation for weakness," said Sahak Manuelian, head of equity trading at Wedbush Securities in Los Angeles.
"Another good reason is really peak everything: peak valuations, peak growth," he said. "Add in the delta variant and you have a decent case for why stocks are lower."
What stocks to watch
$Delta Air Lines(DAL.US$, $United Airlines(UAL.US$, $American Airlines(AAL.US$, $Boeing(BA.US$ — Airline stocks fell in tandem as concerns about a rebound in Covid-19 cases intensified. Shares of Delta fell more 3.7%, American Airlines shares lost 4.1% and United shares declined 5.5%. Aircraft manufacturer Boeing's stock also fell 4.9%. Covid cases have ticked up in the U.S. this month with the delta variant spreading among the unvaccinated.
$Carnival(CCL.US$, $Norwegian Cruise(NCLH.US$ — Shares of cruise line operators were among the biggest laggards amid Monday's broad sell-off. Carnival and Norwegian Cruise Line dropped more than 5% each, while Royal Caribbean fell nearly 4%. The decline came as the U.S. is averaging nearly 30,000 new cases a day in the last seven days ending Friday, up from a seven-day average of around 11,000 cases a day a month ago, according to CDC data.
$Diamondback Energy(FANG.US$, $Devon Energy(DVN.US$, $Marathon Oil(MRO.US$ — Shares of oil companies sunk amid falling U.S. oil prices as OPEC and its allies agreed to raise output. West Texas Intermediate crude futures fell below the key $70 level Monday for the first time in more than a month. Diamondback Energy slid 6.6%. Marathon Oil fell 5.4%. Devon Energy erased 3.3%. Chevron shed 2.7%, while Exxon Mobil declined 3.4%.
$JPMorgan(JPM.US$, $Morgan Stanley(MS.US$, $Goldman Sachs(GS.US$ — Bank stocks took a hit Monday as bond yields plummeted, crimping their profitability prospects. JPMorgan dropped more than 3% while Morgan Stanley, Goldman Sachs, Wells Fargo, Bank of America and Citi all slide more than 2%.
$Peloton Interactive(PTON.US$, $Chewy(CHWY.US$, DoorDash — Shares of companies that benefited from consumers staying at home amid the pandemic saw a boost on Monday as concerns of the spreading delta Covid variant heightened. Exercise company Peloton added 7.1%. Pet supplies online retailer Chewy gained 6.8% each. Food delivery service DoorDash rose 4.9%.
$The Kroger(KR.US$, $Albertsons Companies(ACI.US$ — Investors also flocked into grocery store stocks, which were major pandemic beneficiaries. Albertsons climbed 3.4% and Kroger gained 4.3% amid worries about rising Covid cases. “If this plays out and Covid starts to rear its head again and things start to shut down, you'd see grocery benefit from that,” said Brian Yarbrough, a retail analyst for Edward Jones.
$Tractor Supply(TSCO.US$ – Tractor Supply's stock fell 4.3% despite a better-than-expected second-quarter earnings report. The farm equipment and services company posted quarterly earnings of $3.19 per share on revenues of $3.6 billion, beating analysts' earnings estimate of $2.96 per share on revenues of $3.46 billion.
$Zoom Video Communications(ZM.US$ — Shares of the video conferencing company dipped 2.2% on Monday after accounting that it's buying Five9, a provider of cloud contact center software, in an all-stock transaction valuing the company at $14.7 billion. The deal marks Zoom's first billion-dollar acquisition.
$Moderna(MRNA.US$ – Moderna shares added 9.5%, continuing the stock's climb after news last week that the pharmaceutical company would join the S&P 500 on Wednesday, July 21. Moderna will replace Alexion Pharmaceuticals, which is being acquired by AstraZeneca.
Source: Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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102977605 : sad
Desaroe : didn't even notice well, gl people on your day trades tomorrow and remember when to quit while you're ahead to save that money, if you're scalping ofc, if not..no pain no gain!
TLC88 : Correction and
Hayz : still printing money...all this money needs a home, will end up in the market.
Jet Bomb : be honest... it was a 1000 points part of the day
BK102142268 : hope will recover soon
71183417 : A good time to read the bottom
101879236 102977605: Good