U.S. stock index futures resumed their slide as gloomy quarterly earnings reports and a historic collapse in U.S. crude prices to below zero raised the spectre of a deep global recession in the coming months.
has climbed over 25% from a March low, powered by trillions of dollars in stimulus, but still remains nearly 17% below its record high amid fears of the biggest economic slump since the Great Depression.
Dismal 2020 forecasts from big U.S. banks kicked off the first-quarter U.S. corporate earnings season and major companies have since announced dividend cuts and withdrawn financial outlooks. Coca-Cola Co provided the latest evidence of the damage wrought by the pandemic, saying its current-quarter results would take a severe hit from low demand for sodas.
Among other Dow components, International Business Machines Corp slid 4.9% after the company withdrew its 2020 annual forecast late on Monday.
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Explainer: What is a negative crude future and does it mean anything for consumers?The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.
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