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Delta Covid variant woes, slowing economic growth weigh on Wall Street

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Wall Street's main indexes gave up early gains on Monday as worries about the Delta variant of the coronavirus and a slowing US economy overshadowed optimism around more fiscal stimulus and a strong second-quarter earnings season.

Data earlier in the day showed that although US manufacturing grew in July, its pace slowed for a second straight month as spending rotated back to services from goods, and shortages of raw materials persisted.

Only five of the 11 S&P indexes were trading higher by early afternoon, led by real estate and utilities, generally considered safe bets at a time of uncertainty.

The weaker-than-expected data also sent the benchmark 10-year bond yield to its lowest since July 20 and oil prices tumbling 4%.

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