Plummeting oil futures dragged US markets down as shares closed at a dip on Monday, with the Dow, S&P and Nasdaq all ending at a loss.
The Dow Jones Industrial Common closed down 550 factors on Monday, a drop of two.three p.c, whereas the S&P 500 declined 1.6 p.c. The Nasdaq misplaced zero.eight p.c as of the shut. Heralding the decline was a precipitous drop in West Texas Intermediate oil futures, which misplaced over 100 p.c of their worth, ending at -$ 37.63 per barrel in worth – a report low for the commodity.
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Led by the decline in oil futures, vitality shares have been down typically – Chevron and Exxon Mobil misplaced over four p.c every – and the vitality and utilities sectors each misplaced over three p.c on the S&P 500, constituting its worst-performing industries.
The coronavirus pandemic has despatched the US economic system right into a tailspin, and regardless of the Fed pouring trillions of in bailout money into the markets they’ve remained depressed as over 22 million jobs have been misplaced. The financial repercussions of the virus have been felt globally, with consultants warning the ensuing melancholy may very well be the worst in a lifetime.
The financial downturn has led to a decline in oil demand which – coupled with a glut in provide – triggered a panic on Monday as buyers sought to unload their futures contracts suddenly lest they be left holding the proverbial bag. [possibly an excessive amount of repeating there, however simply reminding ppl what occurred re;futures contracts
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