US stocks open lower as the oil market continues to crumble
The normally busy area of Wall Street at the New York Stock Exchange is empty on a rainy day in New York, Monday, April 13, 2020. [AP/ Ted Shaffrey]
Stocks are opening lower on Wall Street and oil prices are continuing to collapse as traders anticipate demand for energy to shrivel because of the widespread business, factory and travel shutdowns related to the coronavirus pandemic.
The world remains awash in an oversupply of crude just as demand for it is suffering an unprecedented pullback. Major U.S. stock indexes were down about 2% in early trading Tuesday.
The selling was widespread across industries, and 96% of the stocks in the S&P 500 index fell.
In another sign investors were feeling nervous, prices for ultra-safe U.S. government bonds rose again, sending yields lower.