NEW YORK (AP) — Stocks are opening lower on Wall Street as momentum from last week’s rally faded and oil prices collapse. Crude prices are plummeting amid concerns that storage facilities were close to being full. Energy sectors stocks are taking the worst of the selling. Economic data continues to show heavy damage to growth. Investors braced for a busy week when dozens of CEOs from the largest companies are scheduled to give updates on how bad the pandemic is hurting them. Stocks in Europe turned lower despite the fact that some countries eased their lockdowns on business.
World shares turned lower on Monday as momentum from last week’s rally faded and oil prices retreated, with the U.S. crude contract plummeting to a two-decade low under $12 a barrel.
A fresh crop of grim economic data is also expected this week and is likely to further illustrate the damage done to the world economy as governments look hopefully for a date to end their lockdowns.
The DAX index in Germany, where some business activity was starting to resume, shed 1.2% to 10,500 while Britain’s FTSE 100 fell 1% to 5,728. In France, the CAC 40 declined 1.2% to 4,445.
The futures for the S&P 500 and the Dow industrials both lost 1.2%.