Dow Drops 500 Points, Hold On To Your Butts

Futures on the Dow Jones Industrial Average lost 538 points, or 2.1%. S&P 500 futures fell 1.8%. Nasdaq-100 futures dropped 1.3%.

Stocks which stand to benefit the most from a successful reopening led the losses in premarket trading. Carnival and Royal Caribbean cruise lines each lost more than 8%. United Airlines lost 8.2%. Retailers Kohl’s and Gap declined. These types of stocks surged in May as investors bet that the worst of the virus was over. No one said this was going to be all roses and pancakes as the world reopened. Hold on to your butts folks because we’re about to go on a rollercoaster ride. If this is going to be anything like the previous dip, stocks are going to continue to dip and trend down for a bit longer. Keep an eye on your potential buys and buy as low as possible. I don”t think we’re at the bottom of the valley yet.


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