Wall Street Drops as US Producers Can Not Give Crude Away

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, NY, on March 9, 2020. Carlo Allegri/Reuters

Wall Street tumbled on Monday after U.S. crude futures turned negative for the first time in history, underscoring the chaos the coronavirus outbreak has unleashed on the global economy.

The S&P energy index tumbled 3.7 percent after the front-month May U.S. West Texas Intermediate (WTI) contract turned negative—unprecedented in history—with sellers offering buyers $37.63 a barrel.