Dow set to open with decline of 1,300 points after markets crater

[jayschool2013]

Source: NBC News

Wall Street is preparing for a bloodbath on Monday, after oil prices cratered by 30 percent overnight, pushing all three major averages to declines of around 5 percent and adding stress to an economy already feeling intense pressure from the coronavirus epidemic.

The Dow Jones Industrial Average looked set to open down by 1,300 points on Monday morning, with trading on the S&P 500 halted overnight after hitting critical levels that triggered a "circuit-breaker," which prevents further losses.

Investors took shelter in safe havens, pushing gold to a seven-year high and pushing the 10-year Treasury yield to an all-time historic low of 0.3 percent by early morning.

The sell-off comes as fears mount that the viral outbreak will further disrupt supply chains, travel, and production around the world.

Read more: https://www.nbcnews.com/business/markets/dow-set-open-decline-1-300-points-oil-war-adds-n1152941

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Oy.

[Squinch]

1. Probably more. I read they stop futures trading after a 5 percent drop.

[Dopers_Greed]

2. What a tremendous economy

I'm glad that the douchebag spent so much time gloating about how the stock market has gone up bigly

[bucolic_frolic]

4. Trump has told us this is NO BIG DEAL!

Donald J. Trump
@realDonaldTrump
The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!

Link to tweet

[bucolic_frolic]

3. Greater impact on energy companies

Oil will be cheaper so people will continue to use it, but this could be the final chapter. Alternative energy is a significant portion of overall use, fracking is more expensive than ever, and cratering of crude prices will mothball many rigs and bankrupt many many companies. This could even have repercussions in credit markets - bonds, notes, money markets even.

Consumerism of all types will take a hit from Corona Virus. Retailers already reeling, restaurants sure to be shuttered. No one even talks about food implications. Recession is certain, absolutely certain, and the fallout will continue for months and years. If current trends continue this is a collapse akin to the restructuring of Europe following WWII. You don't wipe out 4% of the world's population without economic and financial consequences.

Time to hunker down.

[IronLionZion]

5. Will Trump blame this on Obama or Biden?

Since he's too weak to hold Saudi Arabia accountable when they tortured and murdered a US permanent resident, he won't say anything about their price war with his daddy in Russia.

I can't wait until we have a president who actually puts the American people first again.

[no_hypocrisy]

6. Must be bad and madness.

Market opened 3 mins ago and I can't get the numbers.

[no_hypocrisy]

7. Down nearly 2,000

[Chainfire]

8. Where is the confidence

In the great confidence man?

Hey DJ? Are we making America Great Again yet?