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Dow Falls as Rising U.S. Covid Cases Force Reopening Rollbacks

Stock MarketsJul 07, 2020 02:39PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – Wall Street fell on Tuesday, as parts of the U.S. continued to roll back reopening measures amid growing coronavirus cases. 

The S&P 500 lost 0.54%, while the Nasdaq Composite lost 0.24% and the Dow Jones Industrial Average slumped 0.93%.

Rising cases in 41 out of 50 states have forced pockets of the U.S. to pump the brakes or reverse reopening measures to contain the spread of coronavirus, which has infected about 3 million and killed 132,000 nationwide.

New Jersey Gov. Phil Murphy said he would pause efforts to reopen the state after the coronavirus infection rate rose above the key threshold of 1.0.

Other parts of the U.S. have also followed suit, with Connecticut Gov. Ned Lamont announcing on Monday he would halt the state's third reopening phase that was scheduled to start in mid-July.

The World Health Organisation warned it would not "be a surprised" if the global death toll from the coronavirus begins to rise following an increase in infections.

"If you imagine that somewhere in April and May we were dealing with 100,000 cases a day, today we’re dealing with 200,000 cases a day, and that is not purely a result of testing," Mike Ryan, executive director of the WHO’s emergencies program said.

The rolling back of reopening plans in some states has proved a major blow to airlines hoping for a rebound in travel demand.

United Airlines (NASDAQ:UAL) warned weaker demand would lead to job cuts in the coming months, sending its shares 6% lower.

American Airlines (NASDAQ:AAL) fell 6%, JetBlue Airways (NASDAQ:JBLU) fell 3%. and Delta Air Lines (NYSE:DAL) was down 5%.

Financials, mostly banks, were also hit hard ahead of the earnings season, which starts in earnest next week. 

JPMorgan Chase  (NYSE:JPM), Bank of America (NYSE:BAC) and Citigroup (NYSE:C) were down more than 2%.

Tech gave up some gains, with Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) falling from session highs, adding to the downside in the broader market, 

Elsewhere, Walmart (NYSE:WMT) jumped more than 6% as the supermarket giant is reportedly set to begin a new membership service that rivals Amazon (NASDAQ:AMZN) Prime.  

On the economic front, a record surge in hiring in May was downplayed amid growing the recovery in the labor market is limited.

The Labor Department said its JOLTS report showed that hiring in May rose by 2.4 million to 6.5 million, the largest monthly rise on record.

Dow Falls as Rising U.S. Covid Cases Force Reopening Rollbacks
 

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Comments (22)
Vv Pp
Vv Pp Jul 07, 2020 5:45PM ET
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wear masks stay home... so simple to prevent unnecessary deaths.. what a 3rd world country 🙄
Jan Buyle
Jan Buyle Jul 07, 2020 5:40PM ET
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Scientist said over and over that this would happen when the economy opened too soon.... But our President knew better... as always..
McKillin It
McKillin It Jul 07, 2020 3:59PM ET
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Or it fell because it's been running high lately and needed a natural pullback.
Tricky Dick
TrickyDick Jul 07, 2020 3:48PM ET
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That guy is on the hotline to the Trump Fraud Squad "More scams! NOW!!!"
beez waxxxxx
beez waxxxxx Jul 07, 2020 3:45PM ET
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fake news the virus is the flu
Damian Ciceri
Damian Ciceri Jul 07, 2020 3:32PM ET
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tomorrow's headline: The world is on fire and the dow climbs 500 points despite the burning of trees everywhere.
eddie glass
eddie glass Jul 07, 2020 3:23PM ET
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i really dont view this as a stock market anymore. if all that happens any time the market dips is the fed prints more money, this is really just acting more like a giant money market fund. basically just hyper-inflating the currency to artificially inflate equity values.
Ted Dirty
DirtyTed Jul 07, 2020 3:08PM ET
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WHO is a joke....
Ted Dirty
DirtyTed Jul 07, 2020 3:08PM ET
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Those 3 have lost any credibility since long ago. Fearmongers paid by sponsors.
eddie glass
eddie glass Jul 07, 2020 3:07PM ET
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S&P up from 2200 to 3170, now back down to 3150... bears win
Mario Rossi
Mario Rossi Jul 07, 2020 2:53PM ET
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If democrats die is good for the trumpet!
paul guzman
paul guzman Jul 07, 2020 2:48PM ET
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nose que piensa trump...no le esta importando el pueblo cada ves son mas contaminados todo por  querer sobresalir ante el mundo... ese precio le va dejar miles de muertos
James Holmgren
James Holmgren Jul 07, 2020 2:48PM ET
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eddie glass
eddie glass Jul 07, 2020 2:46PM ET
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what do you know, more cases in all the democrat-run cities where they were encouraging looting and rioting a few weeks ago
eddie glass
eddie glass Jul 07, 2020 2:43PM ET
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OH NO MORE ASYMPTOMATIC CASES BEING DIAGNOSED!!! less de.adly than the common flu now. will magically disappear November 4 2020
eddie glass
eddie glass Jul 07, 2020 2:41PM ET
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the market has gone up 50% in one quarter, it now has a red day after many stocks reached all time highs. has nothing to do with fak.e COVID-1984 fe.ars from asy.mptomatic c.ases being diag.nosed. d.eath rate has plummeted. much less de.adly than originally thought now that NY's cuomo has stopped shoving people into nursing homes. only people pushing it are the communist chine.se mo.uthpieces in the news..
eddie glass
eddie glass Jul 07, 2020 2:41PM ET
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sorry for the dots, this site censors people to please their globalist overlords
Mike Hobbins
Mike Hobbins Jul 07, 2020 2:41PM ET
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'The market has gone up 50% in one quarter' How You figure? the Dow and the S&P haven't moved in months. Maybe, if you're Judging from the All time Low... well of course it's gonna come back
eddie glass
eddie glass Jul 07, 2020 2:40PM ET
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the market has gone up 50% in one quarter, it now has a red day after many stocks reached all time highs. has nothing to do with fake COVID-1984 fears from asymptomatic cases being diagnosed. death rate has plummeted. much less deadly than originally thought now that NY's cuomo has stopped shoving people into nursing homes. only people pushing it are the communist chinese mouthpieces in the news.
James Holmgren
James Holmgren Jul 07, 2020 2:40PM ET
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The silly idea that re opening everything will save Trump from defeat in Nov. is excellent
Muhamed Jaffir
Muhamed Jaffir Jul 07, 2020 2:40PM ET
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Trump is likely to win because the Democratic Party has done an amazing job of alienating the center in a mad desire to cater to their shrieking minority. I know many lifelong democrats who have just walked away this last month. People who used to caucus frequently and had a high party participation. You don't need to love Trump or even like him or tolerate him to know at this point the alternative is worse.
Mike Hobbins
Mike Hobbins Jul 07, 2020 2:40PM ET
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Muhamed Jaffir   So you're a Fan of the Five Time Draft Dodger?
rob finch
rob finch Jul 07, 2020 2:40PM ET
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are you saying you are for the Vietnam conflict?
Sean Texsean
Sean Texsean Jul 07, 2020 2:40PM ET
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I am 100% never voting for sleepy Biden. you think the market is bad today... it will be much worse when he imposes all his taxes on the producers. you may not like trump. but like you said. the alternatives are far worse.
Craig Smith
Craig Smith Jul 07, 2020 2:35PM ET
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I never got offer any money do whots the poin7
Big Guy
Big Guy Jul 07, 2020 2:13PM ET
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#fakecases
Matthew Mover
Matthew Mover Jul 07, 2020 2:09PM ET
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The rally was for the opening of republican states. Democrat states never opened except maybe a few and it was very restrictive. The reason why there is no sell of is because thats already priced in and everyone knows it. These articles are more libral trash trying to crash the market and economy. The longer libral states play politics the more bankupt their citizens will be and will vote trump in making him win in a major blowout. I really dont understand how they dont see this. Who would vote democrat of they destroyed you life though authoritarianism of their govenors who deemed your wealth, job, and work as trash and you must be prevented from working. To bad these same politians steal your money and get paid.
John Law
John Law Jul 07, 2020 2:09PM ET
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You do realize that the biggest states that are stopping or even reversing the opening of some businesses are run by Republican governors (AZ, FL, TX), right?
Muhamed Jaffir
Muhamed Jaffir Jul 07, 2020 2:09PM ET
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Apparently you didn't read his post, you must have stopped at democrat and figured you needed to feel like you were right about something, then posted your nonsense that didn't relate to his post beyond partisanship.
eddie glass
eddie glass Jul 07, 2020 2:09PM ET
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Muhamed Jaffir what do you know, more cases in all the democrat-run cities where they were encouraging looting and rioting
eddie glass
eddie glass Jul 07, 2020 2:09PM ET
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magically more cases starting 1-2 weeks after democrats started hitting the streets to celebrate black and gay pride
eddie glass
eddie glass Jul 07, 2020 2:09PM ET
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after telling people for the previous 3 months they were evil "grandma ki.lers" if they wanted to go back to work
Amanda Hull
Amanda Hull Jul 07, 2020 2:06PM ET
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show me the money
Lakshmana Reddy
Lakshmana Reddy Jul 07, 2020 1:54PM ET
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Is 170 points also a fall🤔Worst articles now a days no proper analysis. UP optimisitic DOWN virus fears
Luuk Bernard
Luuk Bernard Jul 07, 2020 1:52PM ET
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No reaction  in oil...Weird
 
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