The steep sell-off pushed a number of stocks into bear market territory.
 | MON, JUL 19, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 142.45 | -3.94 | -2.69% | | MSFT | 277.01 | -3.74 | -1.33% | | INTC | 54.64 | -0.33 | -0.60% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 142.45 | -3.94 | -2.69% | | F | 13.28 | -0.33 | -2.42% | | GE | 12.00 | -0.55 | -4.38% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 142.45 | -3.94 | -2.69% | | AMD | 86.58 | +0.69 | +0.80% | | MRNA | 313.59 | +27.16 | +9.48% | |
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Worries around the delta variant hindering the economic recovery sent investors fleeing risk assets on Monday, causing the blue-chip Dow Jones Industrial Average to suffer its worst day since October. The 30-stock Dow dropped 725.81 points, while the S&P 500 fell about 1.6%, led to the downside by energy stocks. Investors are dumping cyclical shares as Covid cases rebounded in the U.S., with the delta variant spreading among the unvaccinated.  The steep sell-off pushed a number of stocks into bear market territory. Carnival, Norwegian Cruise Line and Royal Caribbean have all tumbled at least 30% from their 52-week highs. Shares of United Airlines dropped 5.5% Monday, pulling back close to 31% from its recent high. A few names in the energy sector also pulled back aggressively, as Diamondback Energy and Enphase Energy both fell about 28% from their peaks. "Fears over peak economic data and a resurgence in Covid cases has the market on edge today," said Ryan Detrick, chief market strategist for LPL Financial. "Of course, don't forget that the S&P 500 hasn't had a 5% correction since October, so you could say we are more than due for some turbulence." To put things into perspective, the S&P 500 is still about 3.1% below its record even after Monday's drop. Many expect selling to subside as strong corporate earnings could soon give sentiment a boost. |
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