U.S. stock futures declined sharply by 5% to its daily limit after a record-breaking, single-day drop in Crude Oil WTI Futures in thirty years fanned market fears of a credit crunch worldwide.
Saudi Arabia’s move to increase oil production to above 10 million barrels per day and decrease its selling price came after Russia hesitated on an OPEC-backed decision to slash prices in order to stabilize its value hit by the virus.
Oil prices fell 20% which led to panic global sell-off in stock markets as the worries of loss in oil assets piled onto an already rising fear of a U.S. recession and a freeze in credit.
The decline in S&P 500 futures fell to its 5% down limit, amplified by worries that a global economic impact from the coronavirus could steer the U.S. into a recession. However, according to chief market strategist at Ameriprise Financial David Joy, the sell-off in stocks could indicate confidence that markets would stabilize eventually and resume its upward trend.
Investor concerns riled after Italy, the country hardest hit by the virus in Europe, essentially locked down much of its wealthy north, including the financial capital Milan.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...