Financial markets on Monday saw the biggest daily decrease since May, all thanks to the Delta variant.
As reported by the New York Times, the S&P dipped 1.6 percent, its worst decline since May. The Dow fell 2.1 percent, its biggest daily loss this year. Banks saw dips as well: JPMorgan Chase fell 3.3 percent, while Bank of America fell 2.6 percent.
The drop came with the S&P close to record highs. The index had gained more than 13 percent this year, even after Monday’s decline. However, the Delta variant seemed to give investors a new reason to tighten their reins.
Indeed, the variant is now making up a majority of the new cases in the United States, Europe and Asia. Indonesia is the current epicenter after overtaking India and Brazil as the nation with the highest number of positive cases.
