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Markets tumble as second quarter trading begins

First quarter saw major market dips with some recovery toward the end. Some experts say second quarter could be worse.

Wall Street
Wall Street
(Spencer Platt / Getty Images)
Updated: April 1, 2020 - 9:34am

The Dow dropped 850 points as the markets opened Wednesday. The S&P 500 fell  3.7%.

Stock futures were down this morning, following President Trump’s daily address yesterday, during which he spoke about the potential death toll of the coronavirus in the coming weeks.

Tuesday also marked the close of a record bad quarter for the Dow Jones Industrial Average, as well as several other major U.S. benchmark indexes.

Oil prices gained slightly this morning, as the fallout from the price-war between Saudi Arabia and Russia continues. Global leaders will be conducting a virtual G20 meeting tomorrow, chaired by Saudi Arabia's King Salman - it is unclear whether there are plans to discuss the OPEC+ tumult, but Russian President Vladimir Putin is expected to participate.