Wall Street Close: Benchmarks sharply lower as oil plummets to negative $37.63 bbls

• Dow Jones Industrial Average lost 592 points, or 2.4%, to close around 23,650.
• S&P 500 index fell 1.8% to 2,823.
• The Nasdaq Composite Index finished the day lower by around 1% at 8,561.

US benchmarks were ending Monday's session sharply lower as risk-off set in following a collapse in oil prices. The front-month futures contract plummeted to a settlement of -$37.63bbls fueling major concerns for the industry, both upstream and downstream.

Meanwhile, investors are bracing for a deluge of earnings and global economic data this week while trying to stay optimistic with regards to various nations easing their self-isolation measures. We will see  S&P 500 companies reporting their quarterly results and given the economic lockdown, the results are anticipated to show the worst earnings since the 2008 financial crisis. However, given the scale and pace of the lockdown, it should come at no surprise if the results are far worse than the start of the GFC's.

Lockdowns easing

Analysts at ANZ Bank explained that some central European countries are starting to ease lockdown measures, albeit gradually and with many social distancing measures expected to last for quite some time.

Countries that have begun to ease include Germany, Austria, Denmark, the Czech Republic, Croatia and Poland. Spain is not easing measures beyond the manufacturing and construction sector announcements last week while France has indicated that its lockdown will last for another three weeks.

How did the benchmarks and oil perform?

Meanwhile, the Dow Jones Industrial Average lost 592 points, or 2.4%, to close around 23,650 while the S&P 500 index fell 1.8% to 2,823. The Nasdaq Composite Index finished the day lower by around 1% at 8,561. As for the May contract for West Texas Intermediate oil which is set to expire on Tuesday, it plummetted more than 300% settling at negative $37.63 a barrel.

DJIA levels