Dow tumbles 500 points, on pace for worst drop in a month as stock market slammed by worries about COVID’s delta variant

Stock benchmarks skidded sharply lower Monday, with concerns about the global spread of the delta variant of the coronavirus that causes COVID-19 getting much of the blame as investors prepared for another big week of corporate earnings. The Dow Jones Industrial Average DJIA, -2.28% was trading 817 points, or 2.4%, lower at 33,885; the S&P 500 index SPX, -1.87% traded 2% down at 4,240, while the Nasdaq Composite Index COMP, -1.53% declined 1.7% at 14,187. In corporate news, Bill Ackman’s Pershing Square Tontine Holdings PSTH, -1.55% said Monday that it was abandoning a deal to buy a 10% stake in Universal Music Group, citing regulatory and shareholder concerns. The 10-year Treasury note yielded TMUBMUSD10Y, 1.193% 1.19%.

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