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S&P 500 dropped 1.6% while Nasdaq 100 futures lost 1% Stock futures were following a decline in U.S. oil prices, which raise concerns about how deep the economic slowdown will be this quarter and also hit the prices of energy stocks.The May contract for West Texas Intermediate, which expires on Tuesday, plunged more than 20% to $13.11 per barrel on weak demand outlook and storage capacity issues. The negative impact on stock futures from oil likely would have been worse were it not for lesser declines in oil contracts expiring during future months.
As said here by Fred Imbert