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US stocks open sharply lower amid pressure on oil market | Malay Mail

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NEW YORK, April 21 — Wall Street stocks opened sharply lower today as the oil market remained under pressure and more large companies withdrew their earnings forecasts due to the uncertain economic outlook. About 15 minutes into trading, the Dow Jones Industrial Average was down 2.0 per cent at...

In this file photo a view of the New York Stock Exchange is seen on Wall Street on March 23, 2020 in New York City. — AFP pic

Analysts said crashing oil prices had undermined investor sentiment following a three-week period in which stocks rallied. “The negative print for May, and the further collapse in prices for June delivery , is a pathway to weaker labour conditions in the energy sector for months to come , as well as a warning sign for increased credit default risk in the sector,” said Briefing.com analyst Patrick O’Hare.

 

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Negative US$40 oil reflects panic ― and US crude market economic reality | Malay MailNEW YORK, April 21 ― Traders desperate to avoid owning oil fled the markets yesterday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present...
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