Dow tumbles more than 700 points amid COVID concerns

ABC News’ Linsey Davis speaks with ABC News’ Rebecca Jarvis about the stock market sell-off amid COVID fears, and how falling gas prices could help stabilize inflation.
2:52 | 07/20/21

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Transcript for Dow tumbles more than 700 points amid COVID concerns
The economy the Dow Jones plummeted more than 700 points today amid growing concerns over rising code would cases and spread of the delta variant. To help us all unpacked this would bring in ABC's chief business and economics correspondent. Miss Rebecca Jarvis Becky thanks so much for joining us is always this so it's fueled today's market sell off and what industries were hit hardest. Nice to seal its gas. This selloff has a lot to do with the increase that we have now seen in the delta Kobe bury it. There are always multiple factors when you're looking at Wall Street in a sell off for a particular day. But the real feeling on Wall Street right now is that if this very it really takes hold of the economy and the laser returned to normal delays people getting back to life back to work. At the end of the summer into the fall that puts a dent in the economic expectations and where you really see the impact in that. Is in companies like airline stocks united American Airlines cruise line companies. They're facing especially in this environment the most uncertainty especially if there are new restrictions especially if the consumer. Makes different choices with their lives. If they see headlines about the delta variant becoming. More of an issue. Beat it trusting that Lindsay is where stocks didn't perform well today. That thing companies like pellets hot and Netflix these are the stocks that did well during the pandemic it was the Netflix and still world. Well some investors are buying into that idea at least for now. Give in again this big surge that we're seeing in the Kobe delta area. So Netflix and chills still I think we've been reporting also on inflation those price hikes and we've been seeing for almost everything that we won a bike does today's market tumble give us any indication any clues about where prices might be headed. Well one interesting factor that we signed today's stock market is that oil companies because the price of oil fell. Oil companies also fell as well and that's because OPEC got together and decided separately from the pandemic that they will increase production now. That's good news for prices at the pump. That's also good news for other prices because when you think about the cost of gasoline it's a big cost for business is it's a big cost for consumers. And it back because those lower suddenly some other price costs also start to go lower with that it'll take a while to ripple through we oftentimes see the price of gasoline jump immediately it takes a much longer time. For things to cool off. But the good news is that that should help. Stabilize to some extent prices. We don't know about every price but we have tended to see a lot of races in the last couple of weeks starting Lindsay to come down a bet. Twins always so helpfully hearing you explain it to us that we can help digest China and digest this for ourselves thanks so much Rebecca. Thank you.

This transcript has been automatically generated and may not be 100% accurate.

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