According to major market analysts, the SP 500 ended the last month going down by 4.8%- their biggest drop since March 2020. It shouldn’t come as a coincidence, since most markets in Asia tumbled on Friday on the tail of the worst monthly loss of Wall Street ever since the pandemic began.
The market in Tokyo went down by 2%, whereas the benchmark for Australia went down by 2.3%. Several markets in Hong Kong and Shanghai also ended up being closed for the holidays. Interestingly, after moving through much of the year quite steadily, the stock market has become quite hesitant in recent weeks with the possibility of another uprising through the contagious delta variant.
SP 500 Crashes Heavily
As reported, the SP 500 went on to lose around 1.2% on Thursday, where it ended the month around 4.8% lower in its first monthly drop since January- and quite possibly the largest since March- when the outbreak managed to rattle most markets as it went around wreaking havoc within the global world economy.
As of now, the benchmark index is still up there with 14.7% for this year. The stock exchange did fall down by 51.92 points to settle at a score of 4,307.54. The Dow Jones Industrial Average also went down by 1.6% to 33,843.92, while the Nasdaq also slipped by 0.4% to 14,448.58.
Most of the sectors working under the SP 500 went down in the red Thursday, with several technology stocks, banks, and quite a mix of companies that end up providing consumer services and goods accounting for quite a lot of the pullback. Around 90% of the stocks in this index went down with the lodestone. The report for the last few weeks highlights that the fear of the contagious delta variant has reduced consumer spending.
Along with the SP 500, U.S benchmark crude oil also ended up losing close to 23 cents to $74.80 per barrel.