Stocks are up 100% since the last dramatic selloff. Here comes the Delta variant

A widely anticipated retail sales report showed the Delta variant is putting a damper on American consumer spending. That dragged an already lackluster market further into the red as the opening bell rang in New York.

The S&P 500 , the broadest gauge of Wall Street, finished the day down 0.7%. The Dow slid some 280 points, or 0.8%, and the Nasdaq Composite fell 0.9%.Still, the market has come a long way since the dramatic selloff at the start of America's great lockdown. Staying at home benefited e-commerce giants like Amazon, but also new necessities like Zoom.

The Delta variant of Covid-19 is pushing up infection rates particularly among unvaccinated communities. This could weigh on the economy as we're headed into the colder months. Various companies, including airlines and other travel related firms, have already said that Delta is hurting their business.That said, economists aren't concerned that another big lockdown is looming and smaller scale restrictions are more likely.

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