Dow down 400 points as oil prices falter and stay-at-home continues

The Dow Jones Industrial Average lost 478 points as the markets opened Monday morning. The S&P 500 dipped 1.5%.

U.S. futures fell, and the Dow was down more than 500 points in premarket trading as energy stocks dropped due to the collapse of oil prices, which fell to their lowest price in two decades.

Republicans and Democrats in the Senate are nearing a deal on a bill that will allocate $370 billion to loan programs for small businesses. The $350 billion paycheck protection program fund ran out last week. Two weeks ago, Senate Democrats rejected a proposal to replenish the program before it was depleted.

European and Asian markets closed slightly lower on Monday.

Coronavirus death tolls in America shot passed 40,000 this weekend, as the news out of New York indicates that the state is over its peak in coronavirus hospitalizations and deaths.