Stock benchmarks skidded sharply lower Monday, with concerns about the global spread of the delta variant of the coronavirus that causes COVID-19 getting much of the blame as investors prepared for another big week of corporate earnings. The Dow Jones Industrial Average
DJIA,
-2.45%
was trading 817 points, or 2.4%, lower at 33,885; the S&P 500 index
SPX,
-1.93%
traded 2% down at 4,240, while the Nasdaq Composite Index
COMP,
-1.43%
declined 1.7% at 14,187. In corporate news, Bill Ackman's Pershing Square Tontine Holdings
PSTH,
-1.07%
said Monday that it was abandoning a deal to buy a 10% stake in Universal Music Group, citing regulatory and shareholder concerns. The 10-year Treasury note yielded
TMUBMUSD10Y,
1.195%
1.19%.