Stock market plunges at open

Trading was briefly halted amid growing coronavirus fears and an oil price war between Saudi Arabia and Russia.
1:35 | 03/09/20

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Transcript for Stock market plunges at open
Whit, thank you so much. The coronavirus emergency is threatening the global economy. This morning, we are keeping a close watch on Wall Street and all signs are pointing to another rocky start. Rebecca Jarvis is tracking it for us there with the very latest. Good morning to you, Rebecca. Reporter: Good morning to you, T.J. That's right. If stocks stay where they are right now it will be the worst day of trading so far this year. The Dow now down 1300 points. Overnight futures falling 5%. So here's what's happening. Over the weekend OPEC called a meeting to discuss falling oil prices in the wake of coronavirus, which has sent prices lower. Those talks fizzled and the Saudi Arabians rather than being supportive of oil prices sent them plunging setting off a price war. Here in the U.S. We are looking at the biggest down day for oil since the gulf war with prices down more than 20% and while that's good news if you're a consumer and taking to the roads, it is bad news for oil and energy companies which rely on prices at slightly higher levels in order to make money off of their business. Now, 6.7 million Americans work for energy companies. Those energy companies have a huge amount of debt and with that debt coming due, George, this is a bad time for them. It's also if you look at the market right now, the market has now washed out its gains for the year down about 10% year to date, George. Rebecca Jarvis, thanks very much.

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