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Stock market live updates: Futures fall 2%, oil tanks 20%, New York past virus peak?


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Positivity     37.00%   
   Negativity   63.00%
The New York Times
SOURCE: https://www.cnbc.com/2020/04/20/stock-market-today-live.html
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Summary

Keep Me Logged InU.S. equities started the week off with declines on Monday amid falling oil prices and abounding uncertainty about the depth or duration of the coronavirus pandemic. Markets were weighed on by a downward spiral in oil prices, specifically a contract set to expire on Tuesday which closed in negative territory for the first time ever. —Fitzgerald Retail investors should stay away from oil funds even after the May futures contract for West Texas International fell below $0 on its final day of trading, Hayman Capital Management's Kyle Bass said. – CoxThe oil futures contract that fell more than 100% on Monday is for May delivery, and it expires on Tuesday. —LiAbout three stocks traded lower at the New York Stock Exchange for every advancer as the market weighed the latest coronavirus news and a decline in oil prices. But "it seems to me the world is more than 15% screwed up." —Imbert When oil's greatest historian says this never happened before, you have to take notice.Dan Yergin, vice chairman of IHS Markit, said there were two other times that WTI oil futures collapsed to single digits amid storage shortages, but it was different then."You ran out of storage and prices fell. There's a glut of jet fuel, and gasoline demand has been nearly sliced in half and could drop even more before the economy reopens.-- DommRite Aid — Rite Aid shares jumped nearly 9% on Monday after the company announced that it was expanding its on-site testing locations for Covid-19.Boeing — Boeing shares fell more than 3% after the China Development Bank Financial Leasing Co. canceled the purchase of 29 Boeing 737 Max jets.United Airlines — Shares of United Airlines fell nearly 4% after reporting a $2.1 billion loss for first quarter as the coronavirus pandemic diminished travel demand. The June WTI contract, which expires on May 19, fell 9% to $22.77 per barrel.— Stevens, LiA dizzying 12-month period in the markets has seen threats from a trade war, a global economic slowdown or even a recession and, oh yeah, a global pandemic unmatched in a century, all of which have amounted to a whole lot of nothing, at least for the shares of big U.S. companies. —CoxStocks continued to trade well off their lows on Monday after New York Gov. Andrew Cuomo said coronavirus hospitalizations are continuing to decline. The Dow rose 705 points, or 2.99%, on Friday, with much of that gain coming in a rally in the final hour of trading.— PoundWalmart's stock hit a 52-week high of $133.38 per share on Monday. The weakness in energy companies came as the price of West Texas oil cratered in part due to the May futures contract nearing expiration. — PoundShares of oil producers and services companies are dropping in premarket trading on Monday after oil prices tumbled to their lowest level in more than 21 years. The May contract of U.S. West Texas Intermediate (WTI) futures fell to $11.04 a barrel on Monday, down almost 40%, to register its lowest level since Dec. 22, 1998. — Fitzgerald Oil prices dropped to their lowest level in more than 20 years on Monday as the coronavirus continues to eat away at demand, and as traders fear that with tanks filling up rapidly, there will soon be nowhere to store crude. There's little demand for gasoline from refineries, and storage tanks in the U.S. are nearing their limits."A trading squeeze ahead of the futures contract expiry is exacerbated by the dislocation in the fundamentals this time around, contributing to these large price swings," Rystad Energy's head of oil markets Bjornar Tonhaugen said to CNBC in an email.

As said here by Maggie Fitzgerald