The euphoric mood on Wall Street was shaken on Thursday as fears of uneven economic growth from the COVID outbreak rocked the bullish mood on Wall Street, reflected partly in the fall in long-dated Treasury yields. The Dow Jones Industrial Average DJIA, -0.75 percent slid 263 points, or 0.8 percent, to 34,418, the S&P 500 index SPX, -0.86 percent sank 0.9 percent to 4,321, and the Nasdaq Composite Index COMP, -0.72 percent fell 0.7 percent to about 14,560. According to FactSet data, all three benchmarks had their worst single-day declines since June 18. Following the latest in a string of all-time highs, equity markets retreated, with a weaker tone Thursday across global equities attributed in part to concerns that the recovery from the COVID-19 pandemic could be slowed by persistent supply bottlenecks and the spread of the COVID-19-causing delta variant of the coronavirus. Both the 10-year Treasury note TMUBMUSD10Y, 1.300 percent, and the 30-year Treasury bond TMUBMUSD30Y, 1.923 percent, concluded at their lowest levels since around February. Financial markets have begun to be unsettled by a rise in the price of government debt and a corresponding drop in yields, fearing that the search for safe haven assets may signal pessimism about the economy’s recovery from the pandemic./n
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