The spread of the delta coronavirus variant continued to keep investors on edge.
surpassing the peak seen last summer
when the nation didn't have an authorized Covid-19 vaccine, according to data compiled by the Centers for Disease Control and Prevention. "The delta variant of the virus is now rapidly spreading in the U.S. and a modest pullback in activity can't be ruled out," Solita Marcelli, CIO Americas at UBS, said in a note. "But any potential slowdown should be somewhat muted."
The concern about slowing growth triggered a drop in Treasury yields on Monday. The yield on the benchmarkfell as much as 8 basis points to 1.15%. Monday's slide in bond yields followed data showing the U.S. manufacturing sector expanded at a slower pace than a month ago. A late-day sell-off in economically sensitive stocks like materials and industrials eventually pushed the Dow and the S&P 500 into the red. The blue-chip Dow climbed 250 points to touch an all-time high at one point, but ended Monday nearly 100 points lower.
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