Dow plunges as much as 935 points as fears grow over spread of COVID-19 Delta variant

• US stocks fell sharply to start the week as investors grow concerned about the global spike in COVID-19 cases.
• The 10-year Treasury yield fell 8.2 basis points to 1.217%.
• Cryptocurrencies, gold, and oil were all trading lower.

US stocks fell sharply Monday as investors eye a spike in global COVID-19 cases led by the Delta variant, creating a roadblock to a full recovery of the economy.

The Dow Jones industrial average fell as much as 935 points - or 2.7% - at intraday lows, while the S&P 500 and Nasdaq Composite also sunk.

The yield on the 10-year Treasury note declined as much as 12 basis points to 1.17%, its lowest level since February. The activity reflected an acceleration in investor interest in safe-haven assets.

The rising cases, which may result in a new wave of lockdown restrictions, weighed on markets. The Delta variant is view by many experts as the most transmissible variant yet.

Here's where US indexes stood at 12:50 p.m. ET on Monday:

• $4: 4,238.18, down 2.1%
• $4: 33,847.07, down 2.4% (841 points)
• $4: 14,226.41, down 1.4%

Read more: $4

"The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth," Morgan Stanley strategists led by Michael Wilson said in a note on Monday. "Inventory builds are unlikely to offset if order books prove to be inflated as we suspect."

Elsewhere, Billionaire investor Bill Ackman has $4 his $4 through his SPAC after federal regulators cast doubt on the proposed transaction, he told shareholders in a $4.

Robinhood is $4 in its upcoming stock market debut, the company said in a $4.

In cryptocurrencies, bitcoin continued its recent slide, falling as much as 3.8% to $30,440.29. All other major cryptocurrencies - $4, $4r$4, $4, $4 , and $4 - were trading lower Monday morning.

Oil fell after OPEC+ reached a deal on supply, overcoming the deadlock between Saudi Arabia and the UAE.

$4 fell as much as 7.7%, to $66.29 per barrel. $4, oil's international benchmark, dropped 7%, to $68.46 per barrel, at intraday lows.

$4 fell as much as 0.9%, to $1,795.10 per ounce.