On 12 April, the Dow Jones Industrial Average fell by more than 2% or 147.39 points, just minutes after opening. The index was at 24,095.10 at the start of trading, but risks sliding further amid ongoing bearish sentiment.
Meanwhile, the S&P 500 index was down by 28.94 points at the opening, a fall of more than 1%, while the Nasdaq Composite was also down 96.77 points.
This comes as investors witnessed a record plunge in the price of WTI May futures, which dropped by 30% to below $13 per barrel this morning. This is thought to be the lowest level for the US oil marker since 1991.
The uneasy sentiment in Wall Street is believed to be the result of the ongoing coronavirus pandemic which has created a strain on the global economy and exacerbated the ongoing oil glut. Global demand for oil has been excessively low, with traders fearing that the world could soon run out of available storage capacity.