Stock futures fell in overnight trading on Tuesday as the markets remained highly volatile with the government response to the coronavirus fallout unfolding.
Oil dropped more than 6% to multi-year lows on Tuesday, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle
Oil prices slid 10% on Monday as the acceleration in coronavirus cases worldwide, which is bringing travel and business to a standstill, further dents global demand for crude.
Stock futures traded higher on Monday night after Wall Street suffered massive losses earlier in the day amid concerns over the economic blow from the coronavirus outbreak.
In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing.
Oil prices jumped more than 5% in extended hours on Friday after President Donald Trump said the Department of Energy would purchase crude for the nation’s strategic petroleum reserve (SPR).
Stock futures pointed to more pain ahead on Friday as they fell in overnight trading following major averages losing the most since the “Black Monday” market crash in 1987.
Palladium plunged as much as 28% on Thursday as panic selling driven by intensifying fears over the coronavirus pandemic seeped into precious metals, with gold slumping 4% as investors rushed to cover margin calls in other assets.
Oil prices fell on Wednesday, giving up earlier gains, after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day.
Gold prices fell on Wednesday after rising as much as 1.3% earlier in the session, as traders sold the precious metal to cover margins for stock markets spooked by the global spread of coronavirus.
The development comes as Trump and the White House try to put together an economic stimulus plan to counteract the impact from the widening coronavirus outbreak.
Oil prices surged on Tuesday following reports that ongoing talks between OPEC and its allies, known as OPEC+, remain possible.
Gold retreated from the $1,700 level touched briefly earlier on Monday, as investors sold the bullion to cover margin calls amid plummeting equities and energy markets,
Oil prices plunged to multi-year lows on Monday as tensions between Russia and Saudi Arabia escalate, sparking fears on the Street that an all-out price war is imminent.
Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.
