U.S. stocks fell sharply as investors watch Congress agree on rescue coronavirus package

National News

This photo provided by the New York Stock Exchange shows trader Patrick Casey, left, and specialist Peter Mazza as they work on the trading floor on Friday, March 20, 2020. Stocks turned lower Friday after New York became the latest major state to mandate nearly all workers stay home to limit the spread of the new coronavirus. (Nicole Pereira/NYSE via AP)

NEW YORK (AP) — Futures for U.S. stocks fell sharply at the start of trading Sunday as investors watch to see if Congress can agree on a huge rescue package to try to stem the impact of the coronavirus outbreak.

Futures for the S&P 500 fell by 5%, triggering a halt in futures trading.

Wall Street is coming off its worst week since 2008.

The S&P 500 fell 15% as large swaths of the U.S. economy shut down and investors waited for Washington to deliver financial support for American workers and battered industries such as airlines and hotels.

Democrats have argued the package was tilted toward corporations rather than workers and healthcare providers, so negotiations are ongoing.

Oil prices also tumbled as the broad global economic slowdown threatens demand for energy.

The price of U.S. oil fell 6% to $21.26 a barrel, while the international benchmark dropped 7% to $25.10

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Local News

More Local News