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Here’s what we’re talking about:
The Dow had its worst day of the year amid renewed COVID-19 fears
3 GOP lawmakers named to the Capitol riot committee voted against certifying election results
Inside the push to help Trump find a new social-media home
What we’re watching today: Jeff Bezos has said he isn’t just one of the “rich guys on a joyride” to space. Watch his launch live here at 9 a.m. ET.
The specialist Meric Greenbaum looking at his screen on the floor of the New York Stock Exchange on Monday, one of the worst trading days of 2021.
1. HITTING THE WALL: Pandemic jitters haven’t left Wall Street. The Dow had its worst day of the year amid fears about the Delta variant, falling just over 725 points, or 2.1%, for its worst close since October. Bond markets and oil prices didn’t fare any better. At the same time, a federal agency declared the pandemic recession was the shortest recession in US history, lasting just two months.
Some experts anticipate trouble ahead, which could mean a larger short-term dip in the markets:
The pain could be borne by the now-usual suspects: Airlines and cruise companies, cruise operators, and other travel companies further slumped amid the sell-off. Energy stocks struggled too amid concerns about renewed restrictions around the world.
But some experts don’t see a prolonged sell-off: The technical analyst Katie Stockton of Fairlead Strategies said she expected a “short-lived” pullback that could reach its worst by the end of the week.
The biggest concern is whether the jitters are about more than COVID-19: Investors were already worried about inflation, The Wall Street Journal points out. Some money managers say the best of the economic recovery may have passed as growth slows from the reopening boom that reverberated throughout much of the world.
Key quote: “High inflation and lower economic growth is not a good combination,” Dave Donabedian, the chief investment officer of CIBC Private Wealth Management US, told The Journal.
Republican Rep. Jim Banks of Indiana at a Republican Study Committee press conference.
NICHOLAS KAMM/AFP via Getty Images
2. Three Republicans who voted against certifying election results are nominated to the Capitol riot committee: House Minority Leader Kevin McCarthy has made his five picks to the select Capitol riot panel, multiple outlets reported Monday night. Rep. Jim Banks is McCarthy’s choice to serve as the top Republican on the committee, joined by Reps. Jim Jordan, Rodney Davis, Kelly Armstrong, and Troy Nehls. Banks, Jordan, and Nehls all voted against certifying 2020 election results from Arizona and Pennsylvania, raising the possibility Speaker Nancy Pelosi could reject some of them. More on the selections here.
3. Inside the pitch to find Trump’s new Twitter: The former Donald Trump spokesman Jason Miller met with Trump last month to discuss Miller’s new app, Gettr. Trump tested the …read more
Source:: Business Insider