Stocks Tumbled at Open as Oil Prices Dropped

U.S. stocks tumbled at open on Monday, tracking declines as oil prices fell to the lowest level since 1999. The Dow Jones Industrial Average lately fell 417.46 points, or 1.72%, to 23,825.03. The S&P 500 declined 35.82 points, or 1.25%, to 2,838.74. The Nasdaq Composite slipped 56.70 points, or 0.66%, to 8,593.44.

The May futures contract for U.S. crude oil extended losses Monday, touching the lowest level since the late 1990s, as fears about a shock to demand due to the coronavirus pandemic and worries about a lack of storage looked set to hammer the commodity to start the week. West Texas Intermediate crude for May delivery was trading down 38%, off $6.90, at $11.38 a barrel. Brent crude for June delivery was trading $1.68 cents, or 6%, lower at $26.40 a barrel.