US stocks have not seen such a level since 1987 when the Dow Jones Industrial Average suffered its worst quarter for more than 30 years.
In the past 3 months, the index dropped about 23% and yesterday's session lost 1.8%.
All but one member of the Dow ended lower for 2020, with Boeing plunging 54%, Chevron and Exxon lost about 39% each after prices of oil suffered their worst quarterly beatdown on record.
Microsoft fared better but was up by only 0.01%.
Quarterly movements around the world
- March 12 saw the US stocks move into a bear market
- European shares plunged more than 20%
- WTI lost about 67%, one of the worst quarter in record
- Gold topped $1,700 early March
- Shanghai Composite lost 10%
- Topix in Tokyo fell by almost 20%, its worst fall since 2008
- Copper fell by 23% and Nickel lost 19%
- The pound dropped by more than 6%
- South Africa's rand has its worst quarter since 2001
- The Mexican peso fell the most since 1995
Oil remains under pressure
After its record quarterly drop, oil remains under pressure and US President Trump says that if needed, he will discuss oil prices with Saudi Arabia and Russia.
Brent crude was down by 2.1% today and trading at $25.81 a barrel whereas WTI was up by 0.1% and trading at $20.50 a barrel, thus erasing most of its 1.3% gain.
US crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a 4 million barrel build-up.
Fuel demand is expected to fall sharply in coming months, with Trafigura's chief economist predicting a 30 percent drop in demand. Worldwide aviation is basically shut down and motorists are staying off the roads.
Financial Events to watch for today
11:00 Mortgage Refinance Index