Wall Street falls hard: Dow loses almost 800 points | Financial

After nearly two hours of trading, the Dow Jones index plunges 2.3% to 33,907 points. The Nasdaq loses 1.6% at 14,200 points. The broad S&P500 is down 1.9% to 4245.99 points.

Growing concerns that the delta variant will hinder the economic recovery are having a negative effect on investor sentiment in the US.

Electric car manufacturer Tesla, for example, starts with a loss of 2.7%. IBM, which opens the books after market, keeps the damage limited to a minus of 0.4%.

Companies that depend on tourism have had to pay for it. For example, Delta Air Lines, American Airlines and United Airlines lost up to 4.2 percent. Cruise lines Carnival, Royal Caribbean and Norwegian Cruise Line were down 5.1 percent. But the financial sector also struggled, with negatives for major banks such as JPMorgan Chase, Citigroup, Goldman Sachs and Bank of America up to 3.5 percent. Machine builder Caterpillar and aircraft manufacturer Boeing lost up to 3.6 percent.

Oil funds were under pressure due to an agreement between oil cartel OPEC and its allies on a production increase, which caused oil prices to fall sharply. Major oil and gas producers such as ExxonMobil, Chevron, ConocoPhillips and Marathon Petroleum fell to 3.3 percent. Oil service providers such as Halliburton, Schlumberger and Apache had to give up to 5 percent.

Zoom Video Communications was also in the spotlight with a minus of 3.2 percent. The online conferencing service is acquiring the company Five9, which deals with call center services via the internet, for 14.7 billion dollars. It is Zoom’s largest-ever acquisition and should help the company become even more competitive in telecommuting and remote work services. The takeover will be settled entirely in shares. Five9 stock gained 4.7%.

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