Tuesday, 20 July 2021: US equity markets logged their steepest one-day slide since October last year

Jul 19, 2021 · 6m 10s
Tuesday, 20 July 2021: US equity markets logged their steepest one-day slide since October last year
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US equity markets logged their steepest one-day slide since October last year and bond markets rallied sharply amid fresh growth concerns as the delta variant of COVID raises the spectre...

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US equity markets logged their steepest one-day slide since October last year and bond markets rallied sharply amid fresh growth concerns as the delta variant of COVID raises the spectre of renewed lockdown measures and restrictions - Dow tumbled -726-points or -2.09%, logging its steepest one day slide since 28 October, 2020. The index was down -946 points at its worst levels of the session, with all 30 index components finishing in the red. Boeing Co fell -4.94% amid fears the spread of the Delta COVID variant could trigger renewed travel restrictions. The broader S&P500 dropped -1.59%, recording the biggest daily percentage decline since 12 May. Energy (down -3.59%) led the primary sector declines for a fourth consecutive session. Financials (down -2.80%), Materials (-2.18%) and Industrials (-2.14%) also fell over >2%, with all eleven primary sectors retreating. Cruise operators (Carnival Corp -5.74%, Royal Caribbean Cruises Ltd -3.98% and Norwegian Cruise Line Holdings Ltd -5.49%) were under further pressure after the Court of Appeals for the 11th Circuit on Saturday (17 July) handed down a decision that will temporarily keep in place pandemic restrictions on the industry. The technology-centric Nasdaq fell -1.06%, logging its fifth consecutive session decline and longest such losing streak since 19 October, 2020. The small capitalisation Russell 2000 -1.51%, just shy of logging a pullback of 10% from its most recent high (the widely adopted definition of a correction).
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Author Morgans Financial Limited
Organization Morgans Financial Limited
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