Search ForexCrunch
  • Wall Street’s main indexes fail to stage a meaningful rebound.
  • Energy and financial shares continue to suffer substantial losses.

Major equity indexes started the day deep in the negative territory and trading was halted for 15 minutes as the S&P 500 registered a 7% drop right after the opening bell. Although Wall Street’s three main indexes were able to retrace a small portion of the early losses, they came under renewed bearish pressure and fell below their opening lows.

Financials and energy shares weigh on DJIA

As of writing, the Dow Jones Industrial Average (DJIA) was down 2,063 points, or 8%, on the day while the Nasdaq Composite and the S&P 500 were erasing 6.4% and 7.6%.

Among the 30 companies listed in the DJIA, Chevron Corp’s shares are down 15% as the worst-performer amid a 25% drop in the price of West Texas Intermediate (WTI) and the Exxon Mobil Corp stocks are losing 11%.

Moreover, JP Morgan Chase & Co, American Express Co and Goldman Sachs Group Inc are all down more than 10% dragged by plummeting US Treasury bond yields. At the moment, the 10-year reference is erasing 32% at 0.523%.