U.S. stock futures and bond yields tumbled Monday, extending a global rout after a sharp drop in crude prices intensified concerns about a global recession.
“Every major stock market is getting hammered as oil prices plunge due to a price war following the breakdown of Saudi Arabia’s oil-cutting alliance with Russia over the weekend,” Nigel Green, chief executive and founder of financial consultancy deVere Group, said in a note.
The latest melt down in the energy market raises the possibility of stocks falling into bear market, or a fall of 20% from a recent peak, according to Peter Cardillo, chief market economist at Spartan Capital Securities. Saudi Arabia's decision came after OPEC failed to strike a deal with its allies on a cut to oil production. An agreement would have contained the plunge in the price of crude caused by the virus outbreak’s disruption to world business, analysts say.
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