Panic-like selling emerges early Monday as Dow skids 2% lower, eyes sharpest selloff in 2 months

Trading in New York Stock Exchange-listed stocks on Monday were exhibiting panic-like-selling behavior as global stocks confronted a sharp selloff that has been attributed to rising cases of COVID-19, fueled by the delta variant of the deadly disease. The NYSE Arms Index, a volume weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.172 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. The reading comes even as the Dow Jones Industrial Average DJIA, -2.31% was off 2% at 34,018, looking at its sharpest one-day fall since May 12; the S&P 500 index SPX, -1.64% was off 1.8% at 4,251 and the Nasdaq Composite Index [: COMP] was trading 1.7% lower at 14,185.

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