Rising concerns about inflation and the resurgence of COVID-19 infections among the unvaccinated walloped Wall Street on Monday, with major benchmarks suffering their worst declines since May, even as quarterly earnings continue to reflect a strengthening economic rebound.
Fears about broadly rising coronavirus cases drove the Nasdaq and S&P 500 to their biggest drop in nearly two months, and sent benchmark yields to their largest decline in over 3 months as investors sought shelter from the uncertainty. The Dow’s point drop was its worst since October 2020.
The darkening mood overshadowed anticipation about retail trading upstart Robinhood, which early Monday filed its prospectus to go public at a valuation of $35 billion. The platform is targeting a $2 billion capital raise, and aims to price the stock within a range of $38 to $42 per share.
Jitters over the Delta variant even managed to outweigh market expectations for this week’s…