Selling intensified for U.S. stock markets Monday midday as the recent rise in COVID-19 infections has stoked fears of an economic slowdown. 

New COVID-19 infections jumped 70% last week to about 30,000 a day as the Delta variant continued to spread. Deaths rose to an average of 250 a day, mostly in unvaccinated people. 

Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 33846.73 -841.12 -2.42%SP500 S&P 500 4246.14 -81.02 -1.87%I:COMP NASDAQ COMPOSITE INDEX 14236.798853 -190.44 -1.32%

The Dow Jones Industrial Average fell over 900 points, or 2.6%, while the S&P 500 and the Nasdaq Composite declined 2% and 1.5%, respectively. 

The decline is on pace to be the worst session of the year after the major averages on Friday suffered their biggest single-day declines in a month. 

Selling in the equity markets caused investors to seek safety in the U.S. Treasury market with the yield on the 10-year note falling 10 basis points to 1.19%, the lowest since mid-February. 

Ticker Security Last Change Change % JPM JPMORGAN CHASE & CO. 146.43 -5.39 -3.55%BAC BANK OF AMERICA CORP. 36.97 -0.94 -2.49%C CITIGROUP, INC. 64.96 -1.93 -2.89%

In stocks, rate-sensitive banks, like JPMorgan Chase & Co. Bank of America Corp. and Citigroup Inc., were lower. 

Ticker Security Last Change Change % USO UNITED STATES OIL FUND L.P. 45.64 -3.49 -7.10%XLE ENERGY SELECT SECTOR SPDR ETF 46.56 -2.16 -4.43%

Stocks tied to the reopening of the global economy were under extra pressure including Delta Air Lines Inc., Carnival Corp. and Las Vegas Sands Corp., amid concerns a COVID-19 resurgence could cause virus-wary travelers to stay home. Restaurants also taking a hit. 

Ticker Security Last Change Change % DAL DELTA AIR LINES, INC. 38.59 -1.48 -3.69%CCL CARNIVAL CORP. 19.80 -1.13 -5.38%LVS LAS VEGAS SANDS CORP. 47.32 -0.47 -0.98%SHAK SHAKE SHACK 90.29 -2.44 -2.63%

Meanwhile, energy companies were in the crosshairs as West Texas Intermediate crude oil tumbled $2.62 to $69.19 a barrel after OPEC and its allies agreed to raise production by an additional 2 million barrels per day beginning in August. 

In deals, Zoom Video Communications Inc. agreed to buy cloud-based call center operator Five9 Inc. for $14.7 billion in stock. The deal, which was done at a 13% premium to Five9’s closing price on Friday, will pay Five9 shareholders 0.5533 Zoom shares for each Five9 share they own. 

Ticker Security Last Change Change % ZM ZOOM VIDEO COMMUNICATIONS, INC. 347.19 -14.78 -4.08%FIVN FIVE9, INC. 186.43 +8.82 +4.97%

Elsewhere, Johnson & Johnson is considering a plan that would put its Baby Powder and other talc-related operations into a new business that would then file for bankruptcy, Reuters reports, citing seven people familiar with the matter. Such a move could result in lower payouts for lawsuits not settled before a bankruptcy filing. 

Ticker Security Last Change Change % JNJ JOHNSON & JOHNSON 165.92 -2.20 -1.31%

Overseas markets were sharply lower. 

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European bourses were sharply lower with Germany’s DAX 30 slipping2.68%, France's CAC 40 losing 2.48% and Britain’s FTSE 100 falling 2.33%. 

In Asia, Hong Kong’s Hang Seng index slid 1.84%, Japan’s Nikkei 225 tumbled 1.25% and China’s Shanghai Composite was little changed.

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