Finance & Investing

Infection Spike Pushes Outlook Down | July 19 | Eagle Nest

Monday, July 19, Market Recap

Good Evening,

Today, July 19…

The DJIA fell 2.10%

The S&P 500 was down 1.60%

The Nasdaq Composite slipped 1.10%

Banking led the market today.

General Market Review

Covid

Covid cases are spiking in the US for the 4th day in a row. The Delta variant has spread to over 100 countries and is on track to being the most dominant strain worldwide.

Banking

Due to a new spike in Covid cases impacting the outlook for growth, Treasury yields sharply fell below 1.2% today. The lower interest rates hurt net interest margins. Banks, JPMorgan Chase and Goldman Sachs, fell 3.25% and 2.76%, respectively.

Tech

Many tech stocks were in the red today from Covid news. However, stay-at-home stocks, Teladoc and Peloton rose 3.13% and 7.14%, respectively. Zoom fell 2.15% due to its acquisition of Five9, a cloud contact center software company.

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