Stocks Plummet With Covid-19 Cases on the Rise

OPEC+ agreed to phase out production cuts by September 2022

Digital Content Manager
Jul 19, 2021 at 9:22 AM
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Stock futures are plummeting on Monday morning. The Dow Jones Industrial Average (DJI) is pointed 509 points lower, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are suffering sizable drops of their own. Weighing heavily are concerns the recent spike in Covid-19 cases globally could put the breaks on the economic reopening, with stocks linked to travel taking a nosedive. Bond yields are seemingly in freefall, too. The 10-year Treasury yield fell to its lowest level in five months to 1.219%. Meanwhile, oil prices are sinking after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) said it would start phasing out production cuts by September 2022. 

Continue reading for more on today's market, including:

  • Which weed stocks were making the biggest moves last week.  
  • Wall Street freshman coming under fire in cybersecurity investigations. 
  • Plus, CALM suffers surprise profit loss; NGG loses British grid responsibilities; and ADSK dissolves takeover talks. 

futures chart july 19 2021

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Friday, compared to over 1.4 million put contracts. The single-session equity put/call ratio rose to 0.69 and the 21-day moving average rose to 0.49.
  2. Cal-Maine Foods Inc (NASDAQ:CALM) is down 0.4% in electronic trading, after the firm reported a surprise loss of 9 cents for its fiscal fourth-quarter, along with revenue that missed expectations, as egg prices and volume dropped. CALM is sinking deeper below its year-to-date breakeven, off 3.6% in 2021,  coming into today. 
  3. The shares of National Grid plc (NYSE:NGG) are off 1.7% this morning, amid reports that the company will lose the responsibility of running Britain's electricity grid. This is according to the Times newspaper, which also added that the region will give the task to an independent body, which is expected to be specified later this week. NGG has added 10% year-to-date.
  4. Autodesk, Inc. (NASDAQ:ADSK) is  down 0.5% this morning, after the company said it is no longer in talks to buy software manufacturer Altium. Altium rejected its takeover offer of $3.7 billion several weeks ago. ADSK is up 25% year-over-year. 

  5. Monday will bring the NAHB index. 


OPEC Decision Shifts Asian Markets Lower 

Markets in Asia finished lower today, as investors eyed oil prices after the aforementioned decision from OPEC+. Hong Kong's Hong Seng paced the losers with a 1.8% drop, while Japan's Nikkei and the South Korean Kospi fell 1.3% and 1%, respectively. Elsewhere, China's Shanghai Composite closed flat, down 0.1%.

European markets are plummeting  across the board midday, as oil stocks drop and the surge in Covid-19 cases weighs. London's FTSE 100 is down 2.3% at last check, the French CAC 40 is 2.5% lower, and the German DAX has shed 2.6%, as concerns over extreme flooding in the region and Belgium falter sentiment. 



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