Stocks open lower as oil market continues to crumble

Stocks opened lower on Wall Street and oil prices continued to collapse Tuesday as traders anticipate demand for energy to shrivel because of the widespread business, factory and travel shutdowns related to the coronavirus pandemic.

Major U.S. stock indexes were down about 2% in early trading. 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 down. The drop comes the day after the price of oil fell below zero on Monday, partly due to technical factors as traders shifted from one futures contract to another. The U.S. oil contract for delivery in May settled at negative $37.63 per barrel Monday, an indication that investors don’t want to be left holding oil at a time when storage facilities are almost full and demand is at its lowest since the mid-1990s.

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