An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China. Photo: Reuters
CNN: Global stocks tumble as oil crashes, compounding coronavirus fears
Global stocks are falling and bond yields are sinking after the implosion of a critical oil alliance caused crude prices to crash to historic lows.
S&P 500 (SPX) futures plunged as much as 5% Sunday evening, triggering a limit that prevents futures from trading below that mark. Dow (INDU) futures fell more than 1,200 points, or about 4.9%. Nasdaq Composite (COMP) futures were down 4.8%.
The sell-off carried over into Asia Pacific, where Australia's S&P/ASX 200 dropped 6.3% on Monday, putting the index on pace for its biggest plunge since October 2008. Japan's Nikkei 225 (N225) sank 5.6%, heading for its lowest close in more than a year.
Hong Kong's Hang Seng (HSI) lost 3.5% by noon, setting the index up for its biggest decline in more than a year. South Korea's Kospi (KOSPI) also fell 4%. China's Shanghai Composite (SHCOMP) was the best performer among major indexes in Asia — and even then was still down 2.5%.
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WNU Editor: It is a perfect storm. OPEC breaking apart. Italy locking down the north of the country. The coronavirus outbreak continues to spread globally. Investors search for stability, and there is certainly none in the world today.
More News On Today's Oil And Market Collapse
Dow futures tumble 1,200 points, Treasury yields plunge amid oil price war -- CNBC
Asia plunges, European & US futures collapse as panicked investors seek safe haven from perfect storm ravaging markets -- RT
US crude prices drop below $30 a barrel after OPEC deal failure sparks price war -- CNBC
Oil plunges about 30% after Saudi Arabia slashes prices, opens taps -- Reuters
Panic Purgatory: Oil Crashes To $27; S&P Futures Locked Limit Down, Treasuries Soar Limit Up Amid Historic Liquidation -- Zero Hedge
Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge -- CNBC
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