The Dow Jones is down more than 400 points as of early Tuesday afternoon after shockingly disappointing data on retail sales were released.
As CNBC reports:
Shoppers in the U.S. cut back their purchases in July even more than expected as worries over the delta variant of Covid-19 dampened activity and government stimulus dried up.
Retail sales for the month fell 1.1%, worse than the Dow Jones estimate of a 0.3% decline and below the upwardly revised 0.7% increase in June.Excluding automobiles, sales declined 0.4%, according to Commerce Department figures released Tuesday.
However, policymakers worry that unless Covid cases start to decline, the fall could see a slowdown in economic activity. Multiple Fed officials say that if the jobs numbers continue to improve over the next month or two, they will want to begin the tapering of monthly bond purchases before the end of the year.
It appears things are going from bad to worse for the Biden Administration this week.