Stock market live updates: Stocks fall 3%, oil carnage continues, IBM drops 6%

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“We are looking at a tough next two months coming forward,” one expert says, as the historic plunge in oil prices continues. Follow along with the latest stock market updates here:

8:56 am: Schumer says he believes Senate will pass small business bill Tuesdayhe believes the Senate will pass an additional relief bill for small businesses later in the day.

He said he spoke "well past midnight" with House Speaker Nancy Pelosi, White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin, and that they "came to an agreement on just about every issue." The government has been under pressure to replenish a fund allocated to small businesses as part of a Paycheck Protection Program program created by the $2.2 trillion relief bill. Those funds, which totaled $349 billion, ran out last week.

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Oil industry is fucked for years, not months

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