What happened yesterday?
Stocks dropped on speculation that this month’s rally has outpaced prospects for an economic rebound amid a surge in coronavirus cases around the globe. Treasuries fell.
The S&P 500 fell 0.3% at 1:22pm New York time while the Nasdaq 100 slumped as much as 2.7%. London’s FTSE 100, however, rallied as it ended up 1.8% to 6,296.85 extending Monday’s rally to end at the highest point since early June.
In terms of commodities, West Texas Intermediate crude increased 2.3% to $41.21 a barrel, and gold strengthened 0.7% to $1,876.70 an ounce.
In company news:
Shares of Bisto gravy and Mr Kipling owner Premier Foods slumped 8.5%, despite the company reporting soaring profits and sales.
US department store chain JCPenney has confirmed that it will be sold to Simon Property Group and Brookfield Asset for $1.75bn, in a deal expected to save about 60,000 jobs.
Waitrose has this morning pledged to keep its meat, fish and deli counters open, taking on the supermarkets that have shuttered those services.