After an impressive stretch of gains, US equity prices backed up a bit over the past week, though the major indices remain within a few percent of all-time highs. It wasn’t inflation that spooked investors this week, but a resurgence of cases of Covid-19 and the prospect of renewed restrictions on social gatherings and business activity.On the week, the Dow Jones Industrial Average slipped 0.5%, the S&P 500 gave up 1% and the NASDAQ 100 lost 1.6%. Though we did see indications that consumer prices continue to rise, it was an increase in the number of people infected by the “delta” variant of the Covid-19 vaccine and the decisions of cities like Los Angeles to return to social distancing and mask mandates. Focus List Top Performers Symbol PriceAdded CurrentPrice %Chg SQ17.25237.52+1,276.93SE44.04267.60+507.63LRCX100.49588.48+485.61SAM168.00925.09+450.65MSFT55.09280.75+409.62LULU73.64371.69+404.74NVDA156.53726.44+364.09UNH120.33419.70+248.79MSCI166.96564.83+238.30MU23.2675.01+222.48 All Focus List Stocks Premium Tools & Resources Earnings ESP Filter Premium Screens Zacks #1 Rank List Industry Rank List Focus List Research Reports My Portfolio Getting Started After a hugely encouraging start to the campaign to vaccinate all adult Americans with one of three FDA approved inoculation formulations, progress has stalled significantly - and a shockingly large percentage of otherwise healthy Americans remain unprotected from Covid infections.Less than 1% of hospitalizations and deaths over the past month are among people who have received a full course of vaccinations, making vaccine hesitancy – and the misinformation that seems to be causing it – almost as deadly than the virus itself. Even though some people who have been fully vaccinated have tested positive for infection with the virus, the incidence of serious illness among the vaccinated remains very low.If you don’t have a diagnosed allergy or immune system deficiency that would preclude you from receiving the vaccine, please go get the shot. Despite continuing inflation concerns, interest rates fell, with the yield on the benchmark 10-year US Treasury Notes ending the week 6 basis points lower at 1.30%. Oil prices retreated as well and the price of a barrel of WTI crude for August delivery declined 3.3% to $71.51 by the close of trading on Friday.Expectations for near-term equity market volatility rose slightly to 18.50% from just 16.2% the prior week.The DataMost of the releases of economic data were very close to consensus expectations, including Industrial production, Capacity Utilization, Consumer Sentiment and Business Inventories. The Consumer Price Index was expected to rise at a steep 0.5% in June but rose by and even larger 0.9%. On a seasonally adjusted basis, that implies inflation of 5.4% over the past 12 months – well above the target rate of 2% favored by the board of the Federal Reserve.There’s still no sign that the Fed has plans to change interest rate policy either in terms of the overnight rate or asset purchases farther out on the curve and Chairman Powell has expressed a willingness to let the economy “run hot” for a while. It’s definitely running hot right now.The Focus ListGenerally, the changes we describe in the business of a given company over the course of a week are incremental. Over the past week however, there was a seismic shift in the entertainment industry involving the Walt Disney Company (DIS) that definitely deserves an explanation.Last week the company released the hotly anticipated big-budget superhero film “Black Widow” in theaters as well as streaming on the Disney+ platform at the same time. The film gathered around $80 million in North American box office receipts, which some viewed as a slight disappointment as it fell short of theater owners’ expectations of $95-100 million.It’s a new world however, and the box office figures no longer tell the whole story. Disney charged customers $30 each to stream the movie in their homes and announced that they pulled in roughly $60 million worth of home-viewing revenues. Through the first two weekends, Black Widow has already made more than $200 million globally.The National Association of Theater Owners released a statement assailing Disney’s dual-release strategy, calling the box office numbers a “collapse.” It was far from a disaster for Disney however, because they have to share up to 50% of revenues at theaters with the theater operators – but they get to keep almost 100% of the streaming dollars.The episode suggests that the balance of power in the already contentious relationship between studios and theaters is shifting meaningfully in the direction of the content creators. That should be good news for companies like Disney and Netflix (NFLX) but a bitter pill for theater operators who have already been dealt a severe blow from a year and a half of Covid-19 related closures.Disney shares rallied sharply on the Wednesday news while AMC Entertainment (AMC) and Cinemark (CNK) shed 7.8% and 6.7%, respectively.The Week AheadEquity futures are sharply lower on Monday morning and the “reopening” stocks that have performed well over the last few months are taking it on the chin as investors grow concerned about a new wave of business closures. Interest rates are lower as well, indicating that fear of significant slowdown in business activity currently outweighs fear of inflation. The yield on the 10-year sank to just 1.22% over the weekend.We’ll see some Real Estate figures this week including the NAHB Home Builders’ Index, Building Permits, Housing Starts and Existing Home Sales. There are also 235 earnings reports scheduled including International Business Machines (IBM), Netflix, Johnson and Johnson (JNJ) and Intel (INTC).The US Centers for Disease Control describes the recent wave of Delta-variant Covid infections as a “pandemic of the unvaccinated” and Treasury Secretary Janet Yellen called the resurgence a “risk to the global economy.”If you haven’t already, please go get vaccinated. It only takes a few minutes, it’s safe and free and it could save your life. It’s not a political issue, it’s only common sense. -DaveP.S. With your Zacks Premium subscription, you can use the Earnings ESP Filter to find stocks to buy or sell before they’re reported. This allows you to search for stocks with the highest probability of positively surprising, or negatively surprising, so you can trade earnings announcements with confidence. Check it out here >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intel Corporation (INTC): Free Stock Analysis Report International Business Machines Corporation (IBM): Free Stock Analysis Report Johnson & Johnson (JNJ): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report The Walt Disney Company (DIS): Free Stock Analysis Report Cinemark Holdings Inc (CNK): Free Stock Analysis Report AMC Entertainment Holdings, Inc. (AMC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research