U.S. equity markets slid Monday as oil crashed to its least expensive level considering that recordkeeping began in March 1983.
The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, prior to paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGES | 2406386 | -17863 | -0.74% |
| SP500 | S&P 500 | 285987 | -1469 | -0.51% |
| I: COMPENSATION | NASDAQ COMPOSITE INDEX | 8664527878 | 1439 | 0.17% |
Continuous issues over swelling oil inventories pushed West Texas Intermediate crude for May shipment down by as much as 57 percent to $7.82 per barrel.
The plunge in crude prices pressured oil majors Exxon Mobil and Chevron, which were the biggest decliners amongst Dow components.
Elsewhere in the area, oil providers Halliburton lost $1.02 billion in the first quarter and said it would cut costs by $1 billion as the crash in oil rates has annihilated investment. Explorers Continental Resources and EOG Resources were among the other energy names in focus.
| Ticker | Security | Last | Modification | Modification % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORPORATION | 4208 | -1.14 | -2.64% |
| CVX | CHEVRON CORP. | 8598 | -1.19 | -1.37% |
| HAL | HALLIBURTON COMPANY | 7.71 | 0.13 | 1.72% |
| CLR | CONTINENTAL RESOURCES | 1110 | -0.12 | -1.07% |
| EOG | EOG RESOURCES | 4215 | 0.31 | 0.74% |
President Trump stated throughout his coronavirus task force update on Sunday night that lawmakers were closing in on a deal that would replenish funding for small businesses wrecked by the financial fallout from COVID-19 An agreement would also supply financing for testing and to health centers that have been overwhelmed with clients.
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United Airlines lost a larger-than-expected $2.1 billion in the very first quarter and the company said it could obtain up to $4.5 billion through the CARES Act. Over the weekend, the airline company reached a sale and leaseback offer for 22 Boeing aircraft with Singapore-based Bank of China Air Travel.
Hard-hit Norwegian Cruise Line Holdings has actually enlisted Goldman Sachs to check out funding alternatives, according to the Wall Street Journal.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HLDG. | 2840 | -0.68 | -2.34% |
| DAL | DELTA AIR LINES INC. | 2398 | -0.28 | -1.17% |
| AAL | AMERICAN AIRLINES GROUP INC. | 1122 | -0.35 | -3.03% |
| NCLH | NORWEGIAN CRUISE LINE HOLDINGS LTD. | 1187 | -0.51 | -4.12% |
| CCL | CARNIVAL CORP. | 1236 | -0.20 | -1.59% |
On the other hand, Walmart sales soared by nearly 20 percent in March, the Journal reported, mentioning business files.
Shake Shack stated it would return the $10 million small business loan it received from the U.S. government after raising $150 million in an equity offering recently.
Embattled Cheesecake Factory Inc. received a $200 million financial investment from private-equity company Roark Capital.
| Ticker | Security | Last | Modification | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 13192 | -0.20 | -0.15% |
| SHAK | SHAKE SHACK INC | 4598 | 2.48 | 5.71% |
| CAKE | CHEESECAKE | 1976 | 1.04 | 5.56% |
U.S. Treasurys rallied, pushing the yield on the 10- year note down by 3.2 basis indicate 0.624 percent.
In Europe, Germany’s DAX paced the decrease, down 1.51 percent, while France’s CAC and Britain’s FTSE were off 1.36 percent and 1.16 percent, respectively.
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Overnight, Japan’s Nikkei fell 1.15 percent, China’s Shanghai Composite lost 0.49 percent and Hong Kong’s Hang Seng slipped 0.21 percent.
