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US STOCKS-Futures slide as U.S. crude crashes below zero

Published 21/04/2020, 11:32
© Reuters.
US500
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* Futures off: Dow 1.83%, S&P 1.41%, Nasdaq 0.82%

By C Nivedita
April 21 (Reuters) - U.S. stock index futures resumed their
slide on Tuesday as gloomy quarterly earnings reports and a
historic plunge in U.S. crude prices to below zero raised the
specter of a deep global recession in the coming months.
Wall Street fell on Monday as WTI crude CLc1 crashed to
minus $40 for the first time in history as sweeping restrictions
to contain the coronavirus hits oil demand. With nowhere to
store the excess capacity, traders fled from contracts that
would deliver barrels of oil to them in May.
Exxon Mobil Corp XOM.N shed 3.7% in premarket trading and
Chevron Corp CVX.N slipped 4.0% as the front month May WTI
CLc1 contracts continued to trade below $0 on Tuesday. June
contracts also fell by $4, signalling more weakness in demand in
the face of a near halt in global activity. O/R
Other oil-related companies including Apache Corp APA.N ,
Halliburton Co HAL.N , ConocoPhillips COP.N , Schlumberger
SLB.N and Occidental Petroleum Corp OXY.N tumbled between
6.3% and 11%.
Coca-Cola Co KO.N provided the latest evidence of the
damage wrought by the pandemic, saying its current-quarter
results would take a severe hit from low demand for sodas.
Investors will also keep a close eye on first-quarter
earnings from major U.S. companies including Texas Instruments
TXN.O and Travelers Companies TRV.N later in the day.
At 06:29 a.m. EDT, Dow e-minis 1YMcv1 were down 430
points, or 1.83%, S&P 500 e-minis EScv1 were down 39.25
points, or 1.41% and Nasdaq 100 e-minis NQcv1 were down 71.25
points, or 0.82%.
SPDR S&P 500 ETFs SPY.P were down 1.59%.
The S&P 500 index .SPX closed down 1.79% at 2,823.16​ on
Monday.

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