Stock Tumbled at Open as Oil Extended Declines

U.S. stocks tumble at open on Tuesday as a drop in crude values pointed to a lack of demand for commodities and slowing economic growth around the world. The Dow Jones Industrial Average lately retreated 542.30 points, or 2.29%, to 23,108.14. The S&P 500 fell 57.61 points, for 2.04%, to 2,765.55. The Nasdaq Composite slipped 154.02 points, or 1.80%, to 8,406.71.

Oil futures saw further pain on Tuesday, with the most-active June contract for the U.S. benchmark falling to a roughly 21-year nadir a day, as a glut of oil and dwindling places to store the commodity combined to obliterate crude values. West Texas Intermediate crude for June delivery was down $3.93, or more than 19%, at $16.50 a barrel. Brent for June delivery fell over 20%.

International Business Machines Corp. (IBM) reported its revenue returned to a decline in the first quarter. The company reported first-quarter net income of $1.18 billion, or $1.31 a share, compared with $1.59 billion, or $1.78 a share, in the year-ago period. Revenue declined to $17.57 billion from $18.18 billion in the year-ago quarter.