DEVELOPING: Dow futures tumble 1,000 points as oil price war adds to coronavirus stress.
to $32.05 per barrel. U.S. West Texas Intermediate crude dropped 27% to $30.00 per barrel.
Investors have already been on edge about the coronavirus outbreak that caused major stock averages to tumble into correction territory. As of Sunday, global cases of the infectionswith at least 3,801 deaths around the world. The situation is also worsening in the U.S. with New York, California and Oregon all declaring a state of emergency.
Investors continued to seek safer assets amid fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. The benchmarkyield tumbled below 0.7 percent for the first time ever on Friday. Bond prices move inversely with yields. “The idea that lower gasoline prices is going to put more cash in workers’ pockets and give consumer spending and the economy a boost doesn’t seem to cushion the blow for stock market investors,” Chris Rupkey, MUFG Union Bank’s chief financial economist, said in a note Sunday. “They want out. Big time. The sky is falling. Get out, get out while you can. Wall Street’s woes have to eventually hit Main Street’s economy hard.
Gold, another safe-haven asset, crossed $1,700 an ounce, hitting its highest level since Dec. 2012. Meanwhile, copper prices hit a more than three-year low of $2.46. Copper is seen as a barometer of broad economic demand given its applications in electrical equipment and manufacturing.
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