Dow drops more than 700 points on Monday, heads for worst decline of 2021

[mahatmakanejeeves]

{edited}

There's already a thread in LBN:

Dow drops more than 700 points on Monday, heads for worst decline of 2021

I had not seen it before posting this thread.

MARKETS

Dow drops more than 700 points on Monday, heads for worst decline of 2021

PUBLISHED SUN, JUL 18 2021 6:06 PM EDT UPDATED 16 MIN AGO

Tanaya Macheel
https://twitter.com/tanayamac

Pippa Stevens
https://twitter.com/PippaStevens13

U.S. stocks fell aggressively Monday on concern a rebound in Covid-19 cases would slow global economic growth. The selling picked up as the session continued and the Dow Jones Industrial average was currently headed for its biggest drop of the year.

The Dow dropped 777 points, or 2.2%, exceeding a 2% decline seen in late January. The S&P 500 fell 1.9% with energy and industrial sectors as the worst performers. The Nasdaq Composite lost 1.6%. ... The 10-year Treasury yield fell to a new five-month low of 1.19%, further exacerbating fears about the slowing economy. Crude oil dropped 5%.

“You have two concerns coming together this morning: concerns about market technicals and concerns about growth,” Mohamed El-Erian, chief economic adviser of Allianz and former CEO of PIMCO said on CNBC’s “Squawk Box” Monday. “That’s what all the asset classes are telling you this morning.”

{snip}

“The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth,” wrote Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, in a note Monday. “Market breadth has been deteriorating for months and is just another confirmation of the mid-cycle transition, in our view. It usually ends with a material (10-20%) index level correction.”

{snip}

[elleng]

1. No surprise, really;

the 'world' is holding our breath.

Think we'll continue to hear complaints/'concerns' about 'inflation?'

[jimfields33]

2. It really needs a 10 percent correction to cool off and then start again

It’s been going up for a very long time.

[cutroot]

3. I remember when the hunt bros manipulated the silver market in 1980

I suspect there is more financial terrorism occurring. They learned their lesson as well

[Warpy]

4. Down 912 the last time I looked.

It's certainly not a day for the faint hearted. I do expect a late day rally as bargain hunters turn up.

I'm laying this entirely at the feet of the vaccine disinformation campaign. Those people really do want chaos for the next 18 months, and this is their way of making sure it happens.

[mnhtnbb]

5. Only down 847 now!

[Warpy]

6. The rally seems to have fizzled

The far right is desperate for a repeat of last year, they're all about smearing Biden with whatever they can manufacture.

[mnhtnbb]

7. Turned around again. 776 now.