This article from Wall Street Journal written by Caitlin McCabe and Will Horner
U.S. stocks slid Tuesday, retreating from a stretch of records as weaker-than-expected economic data and concerns about the Delta variant of the coronavirus weighed on investor optimism.
All three major U.S. indexes tumbled, with the S&P 500 and the Dow Jones Industrial Average both snapping five-day winning streaks. The S&P 500 fell by 31.63 points, or 0.7%, to end at 4448.08, its largest decline in nearly a month.
The Dow Jones Industrial Average lost 282.12 points, or 0.8%, to finish at 35343.28. The technology-heavy Nasdaq Composite dropped 137.58 points, or 0.9%, to 14656.18.
All of the indexes finished above their session lows. Earlier in the day, the Dow lost more than 500 points before all three indexes pared their losses.
Tuesday’s pullback marked a divergence from the recent performance of U.S. stocks, which have largely ground higher throughout August, thanks to a strong earnings season and thin trading volumes.
But on Tuesday, concerns about the spread of the Delta variant of Covid-19 sparked investor worries that it could crimp the economic rebound. Disappointing economic data released Tuesday exacerbated fears.