Dow drops 700 points for its worst drop since last October

U.S. stocks fell aggressively Monday on concerns about market technicals and slowing global economic growth. The selling picked up as the session went on and the Dow Jones Industrial Average dropped the most since last October.

stocks

Tanaya Macheel and Pippa Stevens for FOX Business:

The Dow dropped 725.81 points, or 2.1%, to 33,962.04 in a broad-based rout that sent all 30 members lower. At one point during the session, the Dow was down 946 points before recovering some ground into the close. The S&P 500 fell 1.6% to 4,258.49 with energy, financial and industrial sectors as the worst performers. The tech-dominated Nasdaq Composite fell 1.1% to 14,274.98, its fifth-straight day of losses and worst losing streak since October.

The 10-year Treasury yield fell to a new five-month low of 1.17%, exacerbating fears about the slowing economy. Crude oil dropped 7%. The small-cap Russell 2000 dropped 1.5%, recovering after it briefly dropped into correction territory on an intraday basis – down more than 10% from its March high.

“You have two concerns coming together… concerns about market technicals and concerns about growth,” Mohamed El-Erian, chief economic adviser of Allianz and former co-CEO of Pimco, told CNBC’s “Squawk Box” on Monday. “That’s what all the asset classes are telling you.”

Airlines got hit as investors reassessed whether travel among consumers would live up to high expectations, with shares of Delta and American sinking about 4%. United lost 5%.

Key stocks linked to global economic growth also fell. Boeing shed 5%, and General Motors and Caterpillar dropped about 2%.

MacDailyNews Take: Apple shares held up well, considering, as investors only gave it a relatively small haircut of 2.69%.

MacDailyNews Note: Apple will report their fiscal 2021 third quarter results on Tuesday, July 27, 2021 right after market close.

As always, we will have the results for you as soon as they are released, right around 1:30pm PDT / 4:30pm EDT. Just check our homepage on that date at that time.

The company will also conduct a conference call with analysts to discuss third fiscal quarter results is scheduled for Tuesday, July 27, 2021 at 2:00pm PDT / 5:00pm EDT.

Listen to the conference call live here: apple.com/investor/earnings-call

As usual, MacDailyNews will cover the Apple Q321 conference call with live notes. Visit check our homepage on that date around 1:45 pm PDT / 4:45 pm EDT for the link.

32 Comments

    1. How do people still believe this crap?

      I election wasn’t faked, it wasn’t a fraud, it was just an election with Trump trying to steal it by claiming massive fraud while trying to undermine democracy in the process.

      1. Dearest Dan:

        You either lie like a crook or you lie without knowing it like the fool we suspect you are.
        The markets are falling just like the fake president who never could garner more than 3% of the votes cast until the theft. Check the Arizona; Georgia and Pennsylvania fraud discoveries and if you still pretend the election wasn’t stolen then we know which kind of a liar you are.

        “C’mon! Don’t you get it man?” So said Old (and I mean REALLY old) Joe who never ran a business except his 50 years of grifting. And we’re supposed to believe this basement-hiding fool got 12 million more votes than Obama? LMFAO!

        1. We have all checked the fraud allegations that you have referenced—every one of them—and found them all to be little lies told to support the Big Lie. Sometimes, smoke does not lead to a fire, but to a con man with a smoke machine.

          1. Again:

            You FINALLY had a guy they didn’t own and they still brainwashed you for 4+ years to think he was the enemy. The establishment is the enemy, moron. Yes, you and you ilk are painfully stupid. – First Then

            1. The only downvotes above are from Libs who can’t handle the truth that they’ve been played by talking head dopes on CNN, PMSNBC, NYT, WaPo, ABC, CBS, NBC, etc., etc., etc.

          2. You checked NOTHING. If the vote was legitimate why are Democrats fighting tooth and nail to stop recounts in several states, hmmm?

            The Big Lie is Democrats attempted takeover of nationwide elections to cheat more and steal future elections. Needs 60 votes to pass the Senate and thank God DEAD…

            1. There is no evidence of massive cheating. Here in Texas, our ridiculously partisan Attorney General’s office has charged 154 individuals with 534 counts of fraud from 2004 to July 14, 2021. Eleven million people voted last November, so the ratio of fraudsters to voters is less than 0.000014%.

              See my response to Boris below for citations.

            2. Tx-Useful-Idiot I could not care less about your tedious rant about Texas below.

              Let me repeat you did not respond to and as usual off to deflect on useless points:

              “The Big Lie is Democrats attempted takeover of nationwide elections to cheat more and steal future elections. Needs 60 votes to pass the Senate and thank God DEAD”

              Respond to that one instead of duck and cover…

          3. Hey TxUseless Idiot,

            “We have all checked the fraud allegations bla bla bla.”

            How long are you going to gaslight that lie? No one who is paying attention believes you.

            Are you a psychopath?

            1. Considerably less of a psychopath than those who are seeing a conspiracy theory behind every bush. The 81 million people who voted for the actual winner of the presidential election are getting tired of the sore losers who are willing to take down 234 years of constitutional government so they can bow down and worship a tin god sitting on a golden toilet.

            2. Tx-Useful-Idiot stop the LYING Capitol protestors wanted to take down 234 years of government is the BIG LIE from useful idiot Democrats like yourself and the sycophant COLLUSION media.

              Right, 300 unarmed protestors are going to overtake thousands of Capitol and D.C. Police, the National Guard and our military forces to take over our government in three hours. What a crock you keep repeating Pelosi BIG LIES the most disgraceful lying speaker of the house in history.

              Voting was not fully investigated particularly the ballot harvesting FRAUD that swung the election in the middle of the night in a handful of states. Delayed counting for weeks to find more ballots, some blank and others with no signature verification, dead people and illegal voting with poll workers pulling suitcases of ballots out from under tables caught on camera. I could go on but it’s a waste of time.

              Tin God on a golden toilet President Trump still lives rent free in your head, good. Obviously you prefer a dementia patient in a gold wheelchair stumbling and bumbling on stairs and words. Despite his character flaws,
              Trump was the greatest economic turnaround president in our nation’s history. We don’t need your approval.

              Obviously you lack critical thinking skills and come here DAILY to spew Democrat talking points the politicians and liberal media feed you to repeat. No one with a brain is buying it from a disinformation political hack we all have your number…

      2. Many of the votes counted, the majority of which were for Biden, were bought and paid for by Mark Zuckerberg and they were cast unconstitutionally and without a secure chain of custody.

        You are cheering for Oligarchy.

        You FINALLY had a guy they didn’t own and they still brainwashed you for 4+ years to think he was the enemy. The establishment is the enemy, moron. Yes, you and you ilk are painfully stupid.

        Zuckerberg contributed $450 million to the Center for Tech and Civic Life (CTCL), a left leaning organization that provided these funds to towns, cities, and counties for “election administration,” via contributions to their general funds. The largest public donations went overwhelmingly to strongly Democratic areas with the goal of buying the U.S. Presidential election for Biden via 40K or so votes in targeted swing states.

        Mark Zuckerberg provided nearly as much money to this year’s election administration – in very targeted areas – as the federal government.

        Republican legislatures are correcting this with legislation to prevent private money from buying elections in the future. Democrats call this “racist” and demand federal control of elections so Democrats can “win” elections forever by “counting every vote,” legal or not, chain of custody be damned. Whatever it takes to “win” and put government in control of every aspect of your life is perfectly acceptable to “Democrat” marxist filth intent on destroying America from within.

        By using Facebook, you helped fund the most blatant Democrat theft of a U.S. Presidential election since Kennedy stole his in 1960.

        CTCL’s 20 largest publicly identified donations totaled over $80 million. All these funds went to areas that Hillary Clinton won in 2016. In these 20 areas Hillary Clinton cumulatively had 66.7% of the vote compared with Donald Trump’s 28.5%. In addition, large amounts of these grants went expressly to Democratic areas in the swing states of Pennsylvania, Minnesota, and Wisconsin.

        Biden “beat” Trump in:
        • AZ by 10,457 “votes”
        • GA by 11,779
        • WI by 20,608
        Note: Some of these results are currently being audited, which Democrats oppose because “divisiveness” and, of course, “racism.”

        So, a handful of 42,844 “votes” – paid for by Mark Zuckerberg – swung the election from Trump – which China / the corrupt establishment simply could not have for 4 more years – to Biden-Harris who are provably corrupt globalist puppets.

        1. FirstThen, How many of the new laws that prohibit elections offices from accepting private contributions replace that money with public funds? Without adequate budgets, it is impossible to conduct an election that does not suppress turnout. The reduced turnout will overwhelmingly affect those who live in cities, but not so much those who live in lower density areas.

          In other words, these state legislatures are using the authority of the government to tilt elections towards one political party and against the other. There is a word for governments that do that: “dictatorships.”

          1. Hey TxUseful Idiot,

            “it is impossible to conduct an election that does not suppress turnout.”

            We need to suppress the turnout of those that aren’t legally allowed to “turnout” to prevent them from stealing the civil rights of those citizens who do vote!

            1. If the laws are meant to address a real problem that could affect the outcome of an election, there should be at least thousands, if not hundreds of thousands, of people being charged with illegal voting. Are there?

              In 2020, the Texas Attorney General’s Office devoted 22,000 staff hours to election fraud cases. It resolved 16 cases, all Harris County residents who used a false address on their registration (but who might have been otherwise eligible to vote). None received a jail sentence. Not even one case was resolved from any of the other 253 counties. Despite doubling the resources devoted to the “problem,” the number of cases resolved was down by half since 2018.

              https://www.houstonchronicle.com/politics/texas/article/Ken-Paxton-s-beefed-up-2020-voter-fraud-unit-15820210.php

              Between 2004 and July 14, 2021, 94 million votes have been cast in Texas and 154 people have been charged with 534 offenses, 310 for mail-in ballot fraud, 159 for assistance fraud and 189 for illegal voting. So, the percentage of charged fraud offenses is 0.0006% of the total turnout. The ratio of charged individuals to 2021 voters is about 0.000014%.

              https://www.kvue.com/mobile/video/news/verify/verify-yes-there-is-voter-fraud-in-texas-no-its-not-widespread/

              So, the Legislature is making it nearly impossible for huge numbers of qualified Texas citizens to vote in response to a few dozen cases per year of illegal voting that would not have been stopped by the new provisions being passed. Most of the suppressed voters are only “unqualified” because they typically vote against The Party.

            2. The discussion is not about Texas or most of the other states so it doesn’t matter one iota how clean the elections were in those states.

              Of course you know this, which explains why you used it for an example.

          2. No, I used Texas as an example because

            We have a much higher number of residents who are ineligible to vote (noncitizens, felons on parole, etc.) than almost any other state. If there is a problem with illegal voting anywhere, it should be here.

            We have—by far—the most resources committed to investigating and prosecuting election fraud. The Attorney General’s Office devoted 22,000 staff hours to the issue in 2020 alone. If there were a major problem with illegal voting, Ken Paxton would be obtaining thousands of convictions, not just a few hundred. Even if every charge led to a conviction, there would still be less than 2 fraudulent votes out of every 100,000 cast.

            We already have some of the most restrictive election laws in the country concerning voter ID, early voting, and mail ballots, yet our Governor has declared that election fraud is such a huge problem in Texas that it justifies calling a Special Session of the Legislature to deal with it.

            The real reason for the Session, and for these laws, is that the Democrats have growing majorities in the state’s largest cities (4 of which are among the 10 largest US cities) and the only long-term strategy for continued Republican control of the state is to neutralize the cities though gerrymandering and voter suppression.

            1. Did any place in Texas close down before the counting was “finished”?

              If you think you’ve proved a point, you’re wrong. There are specific issues in the other four states.

              But then again, your job is to divert from the facts with useless points.

            2. I am not aware of anyplace in Texas that shut down before counting was finished because we count our mail ballots as they come in, rather than having a state law that requires counting the in-person ballots first. In those states, the election workers who had been on duty from 6am until 2am the following morning needed to take a break. That’s only surprising to sore losers looking for a conspiracy.

            3. Hey TxUseful Idiot,

              “No, I used Texas as an example because bla bla bla.”

              We all know you used Texas because it’s your usual strawman argument. Why not discus AZ or PA or WI or NV or MI or on and on?

              You know he won.

            4. Yet they continued to work after they cleared the rooms of observers.
              You really, really know how to skirt the facts don’t you?

              This is why I call you a paid liar.
              It’s what you do.

            5. Predictably, the advocates for single-party rule only call for throwing out the votes in counties where The Party and its Dear Leader lost.

              If the under-indictment Trump-faithful Attorney General and his staff who have devoted tens of thousands of hours to finding massive election fraud have only found 2 bad votes per 100,000 votes cast, why should we believe that a clown show like the Arizona travesty would find more?

  1. I don’t care for Joe–at all–and I support none of his econ ideas, but referencing him per the market drop is just a naive connect to the market drop.
    He is part of a long line up of US Presidents that have corn-holed the dollar and embraced debt with, seemingly, little concern.

  2. The markets behavior is always based on 2 things: EARNINGS and EXPECTATIONS. If the captain of the government ship doesn’t inspire confidence that the economy is in safe hands then markets drop. Slicing off 20+% of company earnings will greatly impact the price of stocks.

    You can take that to the bank; errr, since you won’t have as much maybe you can walk to the poorhouse.

    As Harry Truman said: “The buck stops here.” BTW, I do agree with some of your expressed sentiments. The dollar has suffered from perpetual inflation due to the unconstitutional imposition of the federal income tax as well as the founding of the Federal Reserve “Bank” ever since they were illegally approved by a tiny portion of the Congress during a Christmas/New Year’s holiday weekend getaway on Jekyll Island, sponsored by J.D. Rockefeller. . Look it up.

    The USA economy grew fabulously for the first 130 years; with the federal government dependent on tariffs and luxury taxes for its limited spending during that time. After 1913, what did we get? The beginning of Fed mistakes resulting in the Roaring 20s followed by the Great Depression when the Fed slammed on the brakes. We also got the involvement in 2 World Wars; the Korean War; the Vietnam War; the Iraq War; the Afganistan mess; numerous other lesser incursions into other countries’ affairs as well as CIA abuses and now a massive shadow government and the infamous swamp.

Reader Feedback

This site uses Akismet to reduce spam. Learn how your comment data is processed.