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Stocks traded mixed; Dow and S&P 500 drop while oil dip as virus concerns get focused
Stocks collectively dip after setting record levels last week while commodity prices declined due to concerns over variant COVID's rampant spread resurfaced and gets highlighted. Oil prices sank sharply right after concerns resurge.
Western Texas Intermediate crude oil extended losses from last week, while the international standard, Brent crude, also crashed. This was accompanied by other commodities like gold, silver and copper, with each of their futures declining by at least 1%.
Movements came whilst concerns over the rapid spread of the Delta variant followed by China's newest restrictions.
So far, the National Health Commission of China has confirmed 125 new infections as of Sunday, with only a small increase compared to 96 from the prior day. Analysts are starting to get a feel that China is focusing not only on stopping the spread but also to keep out the virus altogether, which may impact the economic recovery as the pre-pandemic norms of consumer and businesses are bound to be affected.
The Delta variant concerns are very evident even on the quarterly earnings calls specially for corporations that provide consumer services. Rising COVID patient count led to new travel restrictions, further leading to pull backs on reservations. Still, economists still believed that the strength that the US economy and its recovery has should not be shaken by the virus risks.
Monday's market movements are as follows:
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