Oil tumbles as OPEC, allies reach deal to raise production
Selling intensified for U.S. stock markets Monday early afternoon as the recent rise in COVID-19 infections has stoked fears of an economic slowdown.
New COVID-19 infections jumped 70% last week to about 30,000 a day as the Delta variant continued to spread. Deaths rose to an average of 250 a day, mostly in unvaccinated people.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 33779.62 | -908.23 | -2.62% |
SP500 | S&P 500 | 4237.27 | -89.89 | -2.08% |
I:COMP | NASDAQ COMPOSITE INDEX | 14216.781419 | -210.46 | -1.46% |
The Dow Jones Industrial Average fell over 900 points, or 2.6%, while the S&P 500 and the Nasdaq Composite declined 2% and 1.5%, respectively.
Energy, financials, and materials paced the declines for the broader market.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
XLE | ENERGY SELECT SECTOR SPDR ETF | 46.48 | -2.25 | -4.61% |
XLF | FINANCIAL SELECT SECTOR SPDR ETF | 34.97 | -1.17 | -3.24% |
XLB | MATERIALS SELECT SECTOR SPDR ETF | 78.87 | -2.21 | -2.73% |
The decline is on pace to be the worst session of the year after the major averages on Friday suffered their biggest single-day declines in a month.

Selling in the equity markets caused investors to seek safety in the U.S. Treasury market with the yield on the 10-year note falling 10 basis points to 1.19%, the lowest since mid-February.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
JPM | JPMORGAN CHASE & CO. | 145.96 | -5.86 | -3.86% |
BAC | BANK OF AMERICA CORP. | 36.83 | -1.08 | -2.86% |
C | CITIGROUP, INC. | 64.72 | -2.17 | -3.24% |
In stocks, rate-sensitive banks, like JPMorgan Chase & Co. Bank of America Corp. and Citigroup Inc., were lower.
Stocks tied to the reopening of the global economy were under extra pressure including Delta Air Lines Inc., Carnival Corp. and Las Vegas Sands Corp., amid concerns a COVID-19 resurgence could cause virus-wary travelers to stay home. Restaurants also taking a hit.