Stocks around the world are falling amid worries about a resurgence in global infections of COVID-19. The Dow Jones Industrial Average dropped more than 700 points in early trading.
Experts are saying Indonesia has become a new epicenter for the pandemic as outbreaks worsen across Southeast Asia. Meanwhile, some athletes have tested positive for COVID at“The more transmissible delta variant is delaying the recovery for the ASEAN economies and pushing them further into the doldrums,” said Venkateswaran Lavanya, at Mizuho Bank in Singapore.
Financial markets have been showing signs of increased concerns for a while, but the U.S. stock market had remained largely resilient. The S&P 500 has had just two down weeks in the last eight. Besides the new variants of the coronavirus, other risks to the economy include fading pandemic relief efforts from the U.S. government and a Federal Reserve that looks set to begin paring back its assistance for markets later this year.
The selling pressure was widespread, with more than 90% of the stocks in the S&P 500 lower. Even Big Tech stocks were falling, with Apple down 3.1% and Mircrosoft 1.5% lower. During earlier hiccups for the stock market, investors would often big up such stocks further on expectations they will continue to grow almost regardless of the economy’s strength.
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