United States

Stocks set to tank again amid oil price war, coronavirus panic

US stocks were set for a massive rout Monday after Saudi Arabia launched an oil-price war that roiled a market already panicked by the coronavirus epidemic. S&P 500 futures fell by their daily limit of 5 percent and Dow futures tumbled more than 1,200 points after the Saudis said they would increase oil production and slash offering prices. The Saudis’ move triggered huge drops for crude oil futures on Monday, with the benchmark Brent crude futures recently down 21.8 percent at $35.39 a barrel. But the potential for lower gas prices to help consumer spending isn’t encouraging stock investors as the number of coronavirus cases continues to climb, according to Chris Rupkey, chief financial economist at MUFG Union Bank. “The sky i ...