Oil prices plunged more than 6%, driven down both by worries about future demand and by an OPEC+ agreement to increase supply. All three major U.S. stock indexes ended trading sharply lower, with the S&P and the Nasdaq suffering their largest one-day percentage falls since mid-May. Investors are also worried about the specter of elevated inflation, which the market has long feared. Travel and leisure stocks sank, with the S&P 1500 Airline index shedding 3.8% and the S&P 1500 Hotel and Restaurant index off 2.7%. Oil prices fell as OPEC+ agreed to boost output, causing concerns about a crude surplus if an economic slowdown comes to pass.

Source: Mint July 19, 2021 21:22 UTC