Dow futures drop over 350 points to start the week, reopening stocks lead the slide

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CNBC: U.S. stock index futures fell on Monday on concern a rebound in Covid-19 cases would slow global economic growth.

Stocks that would most directly benefit from a continuing swift reopening of the economy led the losses in premarket trading with shares of Royal Caribbean and United Airlines falling more than 2%. The 10-year Treasury yield fell back to 1.26%, near 5-month lows amid concerns about a possible slowing in the economy.

Covid cases have rebounded in the U.S. this month with the delta variant spreading among the unvaccinated. The U.S. is averaging nearly 30,000 new cases a day in the last 7-days ending Friday, up from a 7-day average of around 11,000 cases a day a month ago, according to CDC data. Cases were already flaring up around the world because of the delta variant.

Along with shares of cruise lines and airlines, key stocks linked to the global economy pulled back in premarket trading. Caterpillar, Boeing and General Motors all lost about 2%. Read More

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