Investors figure out what to make about mixed earnings reports and retail consumer statistics, paired with renewed worries about the Delta variant of covid-19. This Monday, stocks opened with significant losses averaging almost 2%. Indices such as the DJIA lost about 800 points and record highs achieved these past months were lost.
Analysts say investors are worried that the Delta variant will slow or even reverse an economic recovery in key markets, shadowing the impacts of earnings reports. Strong hit companies include the tourism industry like Airlines and Cruise companies; Energy companies also took a hit as the WTI oil prices dived almost 5$ at the start of the day.
Between the DOW 30 companies, the most affected were Goldman Sachs, American Express, and Boeing, with losses averaging more than 3% per stock. However, amid the losses, stocks like Walmart and Procter & Gamble were still gaining, among others, and are seen as safe to invest in.
Investor’s worries about the new Delta variant may stick around this week, and even more, as the momentum of mass vaccinations seems to be over, and restrictions may have a comeback, affecting recovery all around the world.
Is this dive a time to buy or not?
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