Stock market live updates: Dow futures down 400, waiting on Congress, 'limit down' again - CNBC

A trader works on the floor of the New York Stock Exchange in New York, the United States, March 18, 2020.

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7:45 am: Oil extends declines after worst week since 1991

Oil prices moved lower on Monday, extending recent losses that saw U.S. West Texas Intermediate crude post its worst week since 1991. On Monday, WTI shed 1.86% to trade at $22.21 per barrel, while international benchmark Brent crude fell 6% to trade at $25.36 per barrel. In a volatile day of trading, WTI first dropped 6%, and then recovered those losses to turn positive, before once again moving lower.

Prices have dropped as the coronavirus outbreak has slowed worldwide travel and business activity, just as powerhouse producers Saudi Arabia and Russia prepare to ramp up production. WTI crude futures have been cut in half this month. The rapid decline in crude prices is wreaking havoc on the financial markets, forcing investors to sell other assets such as Treasuries or equities indiscriminately to cover the losses in their energy positions. — Stevens

7:10 am: Stocks set to fall, Dow futures down 500

Markets were set to decline at the open on Monday as investors wait on an economic stimulus and rescue plan from the U.S. government to combat damage from the coronavirus. A fiscal stimulus bill failed a key procedural Senate vote Sunday, sending equities downward. The Dow Jones Industrial Average futures dropped more than 500 points. S&P 500 futures were off by nearly 3%. Nasdaq 100 futures declined by 2.6%. Futures were well off their worst levels of the overnight session, where they hit their "limit down" levels, falling 5%.

Last week, stocks suffered their biggest one-week decline since the financial crisis in 2008, with the S&P 500 dropping more than 13%. Those losses put the broad market average more than 32% below its record set on Feb. 19. —Fitzgerald 

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Stock market live updates: Dow futures down 400, waiting on Congress, 'limit down' again - CNBC
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