Markets Reel Over Delta Variant News Dow Declines 2.1% and the Blue-Chip Index Fell Curb Activity
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. ****** TUESDAY, JULY 20, 2021 ~ VOL. CCLXXVIII NO. 16 WSJ.com HHHH $4.00 DJIA 33962.04 g 725.81 2.1% NASDAQ 14274.98 g 1.1% STOXX 600 444.29 g 2.3% 10-YR. TREAS. À 1 4/32 , yield 1.181% OIL $66.42 g $5.39 GOLD $1,808.70 g $5.80 EURO $1.1800 YEN 109.45 What’s Markets Reel Over Delta Variant News Dow declines 2.1% and The blue-chip index fell curb activity. Meanwhile, in- Index performance, Monday oil sinks 7.5% on worry 725.81 points, or 2.1%, at flation has accelerated faster 0% 33962.04, logging its steepest than many anticipated, and about potential risks decline since Oct. 28. Mean- strained U.S.-China relations Nasdaq Composite Business&Finance to economic recovery while, the yield on the 10-year have put pressure on trillions –0.5 S&P 500 U.S. Treasury note, which falls of dollars worth of U.S.-listed Dow industrials as bond prices rise, sunk to its Chinese companies. –1.0 tocks, bond yields and BY GUNJAN BANERJI lowest level since February. Many money managers be- –1.1% S oil prices declined as AND AKANE OTANI And in another sign of fear, U.S. lieve the global economy will anxiety mounted over the crude oil prices slid 7.5%— be able to keep growing. They –1.5 spread of the Delta coronavi- The Dow Jones Industrial marking their worst session just don’t know how quickly— –1.6% rus variant and its potential Average declined more than since September. and whether the gains will be –2.0 impact on the global econ- 700 points on Monday—its Behind the rout, investors enough to keep increasingly –2.1% omy. The Dow, S&P 500 and worst session in nearly nine said, is a growing list of con- pricey-looking markets rising Nasdaq lost 2.1%, 1.6% and months—and investors piled cerns about the recovery. The after a banner first half. –2.5 1.1%, respectively. A1, B1, B11 into government bonds as anxi- Delta coronavirus variant has “The market is saying the ety mounted over the spread of spread rapidly, reigniting the PleaseturntopageA2 Pershing Square’s Ackman –3.0 the Delta coronavirus variant debate in several countries dropped plans to use his and its potential impact on the about whether governments Investors run for shelter in 9:30 a.m. noon 4 p.m. SPAC to invest in Universal global economy. should resume lockdowns and bonds................................................... B1 Source: FactSet Music, saying the SEC wasn’t convinced the deal met the rules for such vehicles. A1 Comcast’s Roberts met England Celebrates End to Mask Mandate as Cases Rise with ViacomCBS’s Redstone in Biden recent weeks to discuss a po- tential streaming partnership for international markets. B1 Accuses AT&T struck a deal to carry Dish Network’s exist- China in ing cellphone customers over its wireless network. B1 Robinhood expects its Microsoft coming initial public offering to give it a market value of about $33 billion, lower than Hacking previously anticipated. B1 BY DUSTIN VOLZ IBM is showing progress AND ARUNA VISWANATHA in delivering on CEO Krishna’s commitment to revive growth, WASHINGTON—The Biden posting a second straight administration publicly quarter of higher revenue. B4 blamed hackers affiliated with A Tokyo court sentenced China’s main intelligence ser- two Americans to prison vice for a far-reaching cyber- for their roles in the es- attack on Microsoft Corp. cape of former Nissan email software this year, part chief Ghosn from Japan. B3 of a global effort by dozens of nations to condemn Beijing’s Vietnam pledged to refrain malicious cyber activities. from weakening its currency The U.S. government has to give its exporters an unfair high confidence that hackers advantage as it seeks to ease tied to the Ministry of State tensions over a widening Security, or MSS, carried out trade surplus with the U.S. A8 the unusually indiscriminate Ermenegildo Zegna said it hack of Microsoft Exchange would merge with a SPAC in Server software that emerged a deal that values the Italian ALBERTO PEZZALI/ASSOCIATED PRESS in March, senior officials said. luxury-goods group at $3.2 SWINGING: A ‘Freedom Day’ party at the Piano Works in London drew crowds early Monday as England lifted most of its In addition, four Chinese na- billion, including debt. B3 Covid-19 restrictions, including its mask requirement and capacity limits on gatherings, even as Delta cases rose. A9 tionals were indicted over a range of separate hacking intru- World-Wide sions dating back a decade that allegedly stole corporate and research secrets from firms and The Biden administra- World Grapples universities around the world. tion publicly blamed hack- With Surging Virus Third Covid Wave Upends Three of the nationals were de- ers affiliated with China’s scribed as MSS officers, while a main intelligence service fourth was said to be employed for a far-reaching cyberat- A Fragile South Africa at a Chinese front company tack on Microsoft email that aided the hacking. software this year. A1 “The United States and Thousands of opioid-cri- countries around the world are sis lawsuits filed against ma- Its growing instability is a harbinger for other developing countries holding the People’s Republic jor drugmakers and distribu- of China (PRC) accountable for tors are nearing a conclusion, its pattern of irresponsible, BY GABRIELE STEINHAUSER AND JOE PARKINSON with the outlines of a $26 bil- cleaning job, while his wife worked in a call disruptive, and destabilizing lion deal between states and center. South Africa’s first wave of Covid-19 behavior in cyberspace, which SOWETO, South Africa—Sello Kgoale four companies expected to infections took the lives of his mother-in-law poses a major threat to our watched his neighbors shuttling back and and grandmother. The second cost him his economic and national secu- be announced this week. A3 forth with looted liquor, refrigerators and job and then his home. The third destroyed rity,” U.S. Secretary of State Haiti’s interim prime flat-screen televisions. There were no police his efforts to start a new business. “I came Antony Blinken said on Mon- minister has agreed to at a nearby mall, they told him, so the 46- to Johannesburg 21 years ago from the day. The MSS, he said, had step down and hand power year-old father of three joined the thou- north, full of hope,” he said. “Now we have “fostered an ecosystem of to a political challenger in a CHANDAN KHANNA/AFP/GETTY IMAGES sands-strong mob ransacking the shopping nothing left but anger.” criminal contract hackers who bid to stabilize the embat- Case count in U.S. rises as center and filled three bags with rice, cook- Wave after wave of coronavirus is pum- carry out both state-sponsored tled Caribbean nation. A8 variant spreads................ A2 ing oil and paraffin for his family’s cooking meling South Africa’s fragile economy and activities and cybercrime for stove. Lawmakers sparred over Court upholds university’s its largely unvaccinated population, creating their own financial gain.” “I’ve never done anything like this before. Senate Democrats’ decision shot mandate................... A2 a spiral of death, lockdowns and anger that The U.K. and European I’m ashamed,” he said last week, sitting in to impose a midweek dead- Canada to reopen border has fueled the country’s worst rioting since Union, among others, joined in his corrugated-iron shack. “But we just keep line on a bipartisan group for fully vaccinated........ A9 the collapse of white minority rule in 1994. blaming China for the Micro- getting hit.” still scrambling to reach an USA Gymnastics alternate At least 215 people died in the violence soft Exchange Server hacking Sixteen months ago, Mr. Kgoale lived in a agreement on a roughly $1 tests positive................. A14 across South Africa’s two most populous activity, which rendered an es- rented two-bedroom house and had a steady PleaseturntopageA10 PleaseturntopageA8 trillion infrastructure bill. A5 The Biden administra- tion proposed sharply A Banker’s higher penalties for larger hospitals that don’t make Ackman Shifts Plan their prices public. A3 Pitch Leads to The U.S. is considering On Universal Music tighter sanctions on Iranian The Olympics oil sales to China as a way BY NICK KOSTOV such deals involve a previously iii to encourage Tehran to AND BEN DUMMETT listed SPAC, or blank-check conclude a nuclear deal. A9 company, merging with an un- Israeli baseball Pedro Castillo, a far-left Hedge-fund billionaire Wil- listed business, taking it pub- union activist whose rise has liam Ackman is dropping plans lic. team lifted by jarred Peru’s political estab- to use his SPAC to invest in Mr. Ackman’s deal was dif- lishment, was declared the Universal Music Group, saying ferent: New York Stock Ex- Goldman hurler country’s president-elect. A8 the Securities and Exchange change-listed Pershing Square BY ANDREW BEATON Garland sharply limited Commission wasn’t convinced Tontine Holdings Ltd., the federal prosecutors’ ability the deal met the rules for such SPAC, didn’t intend to merge POMONA, N.Y.—Eric Brod- to obtain records of report- vehicles. with Universal but instead be- kowitz’s baseball career was ers’ contacts when investi- Mr. Ackman said his invest- come a shareholder ahead of finished. He had just pitched gating government leaks of ment firm, Pershing Square an already-planned listing by Holdings Ltd., would instead Universal in the Netherlands. his final game at Yale and had sensitive information.