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Dow futures drop more than 1,000 points as oil plunges 30 percent over coronavirus fears, OPEC dispute
Dow futures fell 1,200 points to start the week, oil plunged 30 percent amid fears following the spread of coronavirus and the quarantine measures that are being taken.
The major futures indexes are indicating a drop of almost 5 percent when trading begins on Wall Street. At one point, the stock fall triggered a halt in trading after a 5 percent drop.
Asian stock markets plunged Monday after global oil prices nosedived on worries a global economy weakened by a virus outbreak might be awash in too much crude. Tokyo’s benchmark tumbled 6 percent, while Hong Kong was down at least 3.8 percent. China’s Shanghai Composite was off 2.9 percent. Brent crude, the international standard, lost $12.28, or 27 percent, to $33.00 per barrel in electronic trading in London. Benchmark U.S. crude fell $12.10, or 29.3 percent, to $29.15.
The dramatic losses followed a 10.1 percent drop for U.S. oil on Friday, its biggest loss in over five years. Prices are falling as oil-producing countries argue how much to cut production to prop up prices, as The Wall Street Journal reported, specifically pointing to Saudi Arabia, which slashed prices for its benchmark crude after talks with Russia collapsed. Click here for more on our top story.
In other coronavirus developments:
– Doctor who treated first US case of coronavirus says patients with mild symptoms can recover at home
– Ted Cruz among lawmakers staying at home after interactions with coronavirus patient at CPAC
– Coronavirus: Everything you need to know
California officials set to receive thousands from ship hit by coronavirus
The Grand Princess ship, which has been carrying over 3,500 people from 54 countries and languishing off the coast of Northern California since Thursday because of the coronavirus, is expected to dock at the Port of Oakland, Calif., on Monday.
American passengers on the Grand Princess will be transferred to military posts in California, Texas and Georgia to be tested and kept for a mandatory 14-day quarantine, federal health officials said Sunday during a news conference with Gov. Gavin Newsom. Health and Human Services officials said nearly 1,000 California residents on the ship will complete the quarantine at Travis Air Force Base north of San Francisco and Marine Corps Air Station Miramar near San Diego. Residents of other states will complete the quarantine at Joint Base San Antonio-Lackland in Texas or Dobbins Air Reserve Base in Georgia.
The officials said all will be monitored for symptoms of COVID-19 throughout their quarantine, adding that crew members who tested positive for the virus would remain on the ship. The Grand Princess has been some 10 to 12 miles offshore since Thursday. Of the 21 people infected aboard the ship, 19 crew members and two passengers had tested positive for COVID-19. Click here for more.
Biden ‘re-elect Trump’ video was not manipulated, White House social media director says
Dan Scavino, the director of social media at the White House, took to Twitter early Monday to deny the charge that a retweeted video that showed Joe Biden stumbling during a recent speech was manipulated.
The video was retweeted by President Trump on Saturday. The clip showed Biden in Missouri. Biden is seen addressing a crowd and the video ends with the former vice president saying, “We can only re-elect Donald Trump.”
The video got the attention of Twitter. The social media giant marked the video with a “manipulated media” tag, TechCrunch reported. It was the first time that the company took the step, but unveiled the policy last month.
The report said that Biden’s quote went further. Biden reportedly said, “We can only re-elect Donald Trump if in fact we get engaged in this circular firing squad here. It’s gotta be a positive campaign.” Click here for more.
Flu has killed 20K Americans, including 136 children so far this season, CDC says.
Militants in Gaza use party balloons to deliver bombs: report.
ICYMI: Corey Feldman to expose names of Hollywood players who allegedly molested him
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SOME PARTING WORDS
Steve Hilton slams Democrats and the media for stoking the flames of coronavirus panic and putting the country at risk of a “catastrophic overreaction.”
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