1. Dow set for another sharp drop as oil prices deteriorate
Dow futures were pointing to an over 500-point decline at Tuesday’s open as longer-term U.S. oil futures start to deteriorate on slumping demand due to the coronavirus economic halt and storage space scarcity. The May delivery contract for West Texas Intermediate crude, which expires Tuesday, remains negative, one day after its historic collapse. Now, the June and the July contracts were falling over 20% and more than 10% respectively, pricing the U.S. benchmark WTI about $15 to $23 per barrel. The shocking oil moves are raising concerns about the extent of the economic damage being done by the coronavirus shutdowns, which in turn sent the Dow Jones Industrial Average sinking nearly 600 points, or 2.4%, on Monday.
2. Earnings season continues with Coca-Cola and Netflix
Coca-Cola, one of the 30 Dow components, said Tuesday the closure of movie theaters, restaurants and stadiums from the coronavirus is continuing to hurt its…