‘A Big Shock:’ the Market’s Covid Angst Explained in Charts
- Travel shares take a beating as border restrictions return
- Traders are pushing back bets on the timing of rate hikes
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The risk that a new strain of Covid-19 could herald the return of rolling lockdowns and widespread border closures has sent markets into a tailspin.
Equities tumbled around the world and Treasuries soared, with 10-year yields shedding 12 basis points. The market action looked a lot like a day in early 2020 when the pandemic was first spreading -- stay-at-home stocks and vaccine makers rallied, while airlines and crude oil were crushed.