Stocks fell Monday in nearly every single stock exchange around the world as businesses and investors fear a pull back from consumers and businesses due to the sharply increasing number of new Covid-19 cases happening in many countries.
The Dow Jones Industrial Average was down 769 points at 33,918, the S&P 500 was down 1.9% and the Nasdaq composite was down 1.7%. Exchanges in London, Frankfurt, Tel Aviv, Tokyo, Sydney, and Milan were also down a similar amount. Mall owner Simon Property Group, one of the largest premier mall owners, saw its stock tumble 7.8% while Carnival cruise line dropped 7.5%.
Currently Covid-19 delta variant is spreading in the United Stated and Europe, with the overwhelming majority of those infected under the age of 30. According to Johns Hopkins University, those younger patients are also suffering more severe symptoms and are requiring more hospitalizations at a higher rate than was originally seen with the original variant that struck mostly middle-aged and old adults last year. 96% of those getting sick with Covid-19 currently are unvaccinated according to the CDC.
As new cases grow, more localities and countries have been reimposing new travel restrictions, limiting social activities and even new lockdowns. Health officials have been warning this exact scenario could happen, that younger adults refuse vaccination which allows the Covid-19 virus to mutate and then attack in a new wave causing another round of lockdown and slumping economic activity further dragging out the eventual full recovery.
A new lambda variant is also being detected in Texas, a variant that spread from Peru. Houston Methodist has reported the first cases of this new variant to Texas and the United States.