Top Things to Know in the Market on Monday, April 6th

• 2020-04-06
• Traiding Idea

Another wild week on Wall Street ends with more than 300 points drop in Dow Jones

On Friday, stocks fell to end another volatile week of trading in U.S. markets. The rise in deaths due to the coronavirus in New York, as well as a dismal U.S. jobs report, has put pressure on financial markets.

The Dow Jones Industrial Average fell 1.7 %, or 360.91 points, to close at 21052.53. S&P 500 fell 1.5 % to 2488.65. The Nasdaq composite also dropped 1.5 % to 73,733.08.

Wall Street recorded its third weekly decline in four. This week, the Dow Jones fell 2.7 %, the S&P 500 lost 2.1 %, and the Nasdaq ended the week down 1.7%.

The governor of New York said the Coronavirus death toll in the state rose by 562 in the past 24 hours to more than 2,900. This was the biggest single-day increase in deaths in the state.

On the other hand, the report on U.S. Non-Farm payroll was published for March, which was the worst report since 2009. The U.S. economy lost 701,000 jobs this month, with the unemployment rate shot up to 4.4%.

Europe stock markets

The coronavirus death toll in Europe has fallen. Italy posts the lowest daily death toll in over two weeks.
In Spain, for the third day in a row, the death toll has been declining.

The situation is similar in the United States. As a result, European and U.S. stock indices have risen.

Asian stock markets

Asian stocks rose on Monday as the OPEC+ meeting was delayed.

Reports of a slowdown in the coronavirus outbreak in some parts of the world have kept hopes alive.

Japan's benchmark Nikkei 225 rose 4.2% and closed at 18,568.68. The Hang Seng in Hong Kong climbed 2.34% to 23,779.67.

In China, Shanghai Composite fell 0.57% to 3,713.22.

In Australia, the S&P/ASX 200 index surged 4.33% and ended at 52,86.60. Among other major Asian indices, TOPIX (Tokyo Stock Price Index) was up.

oil market

Oil prices fell as much as 9 % at the start of today's trading session due to the postponement of the OPEC+ meeting, but then calm returned to the market.

Saudi Arabia and Russia have launched an oil price war after the March meeting between OPEC and Russia to cut production by 1.5 million barrels of oil per day ended with no agreement, which crude oil prices fell sharply.

According to what President Donald Trump said on Thursday, the Russian president Vladimir Putin and Saudi Crown Prince Mohammed bin Salman were expected to announce that they would cut production by up to 15 million barrels.

But tensions between Russia and Saudi Arabia have escalated, and the meeting will now likely be held on Thursday.

U.S. West Texas Intermediate ( WTI ) futures fell 1.38%, to settle at $28.03 per barrel. Brent crude futures dropped 0.35%, to $33.99 per barrel.