Digging Into COVID-19's Effect on Stocks

News that OPEC's Friday talks with Russia collapsed is sparking a massive price war, sending old futures plummeting

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3/09/2020

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Stock Futures Crash on Oil Price War, Outbreak Anxieties

By Lillian Currens

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Stocks are dramatically selling off in pre-market trading, with all three indexes looking to open with losses of 4.5% or more. Dow Jones Industrial Average (DJI) futures are erasing last weeks modest win, off over 1,200 points. For the last few weeks this selloff has been tied to anxieties over the rapidly spreading coronavirus outbreak, but now there's something new sparking panic among investors. Specifically, Saudi Arabia cut official crude selling prices for April, after Organization of the Petroleum Exporting Countries' (OPEC) talks with Russia collapsed last Friday, sparking an all-out price war. The news has also sent the U.S. 10-year Treasury yield to yet another record low. 

Continue reading for more on today's market, including: 

  • Behind yet another wild week on Wall Street. 
  • What happens when the SPX hits correction territory, according to Schaeffer's Senior Quantitative Analyst Rocky White.
  • Plus, Facebook sued for more privacy violations; Costco halts free sample program; and more choppy waters for cruise line stocks. 
>> Continue reading...
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