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Photographer: TOLGA AKMEN/AFP

If you felt déjà vu this week, thank the delta variant.

The Dow Jones Industrial Average had its biggest decline since October. The S&P 500 fell as much as 2%. Stay-at-home stocks like Peloton Interactive Inc. jumped more than 7% while travel and leisure tickers slumped, with one index that tracks airlines down by the most since September.

It wasn’t just equities. Cryptocurrencies fell further on Tuesday, continuing a tumble that began in mid-May. #Cryptocrash was trending.

Markets have recovered over the past few days, and many retail investors — particularly young ones — bought the dip. But it’s hard to shake that uncertain feeling, especially in a summer that so many of us hoped would be more carefree than this.

The main fear for investors is that a Covid-19 resurgence could force economies to shut down again — meaning travel, leisure and speculative assets look less attractive.

For a smart take on what’s coming, read this insightful piece over in Bloomberg Businessweek. The gist: Prepare your stomach for a queasy end of summer, with mixed messages on the economic recovery.

An uneven reopening may mean a reevaluation of travel and return-to-work plans. Many large employers had targeted September as the time to get folks back in the office. At one point, that almost felt too far away.

But as we approach that goal, some might be wondering if it’s too soon. Apple Inc., which had been planning on a September reopening, has now pushed back its office return to October at the earliest. It’s also recommending that workers in stores wear masks. — Charlie Wells

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Opinion

In Bloomberg Opinion this week, Allison Schrager says Generation Z should fear a guaranteed income:

Our current welfare system is imperfect. But the fact that it makes payments contingent on earnings, age or even having a child is a better alternative. First of all, it's much cheaper because you don’t have to give money to the many people who don’t need it. Second, guaranteed money (or money you get no matter what happens) is worth much more than income that only pays off some of the time. The more money we give people, the bigger impact it will have on their behavior, and often not in a good way.

Read her full argument here.

You Ask, We Answer

I’m 18 and going to college in Ireland. Fortunately, I won’t need to take out student loans or anything. However I don’t want to be a burden on my parents forever, and I’m planning on getting a job once I travel to Ireland. Currently I have about $1,200 in savings. What would be the wisest thing to do with this money? Should I put it into a savings account or invest? Basically any financial tips for someone fresh out of high school would be extremely helpful.Maria Carrillo, Doha, Qatar

The first thing you have to decide is how much of the $1,200 you will need to access in the next five years. This seems like a silly question for somebody starting out in college but this is what I call the “five-year rule”:  If you have any money in your bank account that you aren’t going to spend in the next five years (aside from your emergency fund), then it doesn’t belong in your bank account. If you will need it soon, leave it there and put up with low interest rates. If it won’t be used soon, then consider investing it long term. The other issue you may have is that most investment accounts here in Ireland will need you to invest at least 500 euro ($590), but you may be better seeing what your options are in Qatar anyway. That could be a more tax efficient and cost effective place for you to invest. Lastly “Cead Mile Failte!” Google that to find out what it means. — Eoin McGee, managing director of Prosperous Financial in Ireland

Send us questions about your own financial dilemmas to bbgwealth@bloomberg.net.

Coming up

  • Today is a big day for airline earnings. Alaska Air Group, American Airlines Group and Southwest Airlines are all reporting.
  • Australian discount clothing retailer Best & Less Group is expected to list its shares in an initial public offering on Monday.
  • Apple Inc. reports earnings on Tuesday.