Wall Street extends slide, Energy Index is down 5% on OPEC headlines

• Financials and energy shares suffer heavy losses on Friday.
• CBOE Volatility Index is up more than 20%.

Wall Street’s main indexes started the day deep in the negative territory on Friday as investors ignore the upbeat Nonfarm Payrolls data and remain focused on the coronavirus outbreak and its potential impact on the economy. As of writing, the Dow Jones Industrial Average and the S&P 500 were both down 2.7% on the day and the Nasdaq Composite was erasing 2.45%.

Energy and financial share plummet

With OPEC+ failing to agree on additional output curbs and an extension of existing cuts, crude oil prices came under heavy selling pressure. With the WTI erasing more than 7% and edging lower toward the $42 mark, the S&P 500 Energy Index is erasing more than 5% as the worst-performing major S&P 500 sector. 

In the meantime, the 10-year US Treasury bond yield has, once again, renewed its all-time low to hurt the rate-sensitive shares At the moment, the S&P 500 Financials Index is down 3%.