4:35 p.m. ET: Stocks sink with crude, TSX closes at session low

North American markets sank Tuesday in a risk-off trade where investors fled equities for the relative safety of the U.S. dollar and treasuries. The S&P/TSX Composite Index fell 3.12 per cent to settle at its lowest level of the session. The S&P 500 dropped 3.07 per cent, the Dow Jones Industrial Average shed 2.67 per cent of its value and the Nasdaq Composite Index declined 3.48 per cent.

Equity markets have been rattled anew by concerns over the impact of the forced economic hibernation implemented to combat the spread of the COVID-19 virus outbreak.

Oil prices have been hammered by the subsequent destruction of demand, with the current June West Texas Intermediate futures contract falling more than 35 per cent to trade at US$13.44 per barrel shortly after 4 p.m. ET. Contracts for May delivery, which expired Tuesday afternoon, had a historic drop into negative territory on Monday.

Alberta’s Western Canadian Select fell nearly 59 per cent to US$3.81 per barrel. WCS dropped as low as US$0.13 per barrel earlier in the day.

In Toronto, all eleven TSX subgroups closed in negative territory, with information technology, real estate and financials posting the largest percentage declines. 202 of the composite’s 230 components closed in the red, led lower by Martinrea International Inc., AG Growth International Inc., and Lightspeed POS Inc.

The Canadian dollar fell against its U.S. counterpart, dropping about a quarter of a cent to trade at 70.43 cents U.S.

1:30 p.m. ET: North American equity markets slide, oil volatility persists

North American equity markets sank further into negative territory into mid-afternoon, with the S&P/TSX Composite Index falling 2.4 per cent, the S&P 500 down 2.6 per cent, the Dow Jones Industrial Average shedding 2.1 per cent of its value and the Nasdaq Composite Index dropping 2.7 per cent.

In Toronto, all 11 TSX subgroups were in negative territory, with information technology, real estate and health care posting the largest declines. 207 of the benchmark composite index’s 230 members were in the red.

It was another volatile trade on the energy markets, with May contracts for West Texas Intermediate oil jumping back into positive territory to trade at about US$8.35 per barrel after posting negative pricing Monday. May contracts expire at the end of trading Tuesday, and crude for June delivery plunged more than US$9 to trade at US$11 per barrel.

Investors flocked to safe haven plays, sending the U.S. dollar and treasury bills higher. The Canadian dollar fell about half a per cent against the greenback to trade at 70.35 cents U.S.

9:40 a.m. ET: North American equities fall as crude continues to crater

North American equity markets sank at the open, with the S&P/TSX Composite Index falling about two per cent and the major indices south of the border under pressure, with the S&P 500 down 1.7 per cent, the Dow Jones Industrial Average shedding 2.2 per cent and the Nasdaq Composite Index dropping about 1.2 per cent.

Crude prices couldn’t find a reprieve amid concerns about global demand destruction in the face of the COVID-19 outbreak, with May futures remaining in negative price territory after Monday’s historic rout. Oil for June delivery took a significant hit ahead of the futures contract rollover, falling 28 per cent.

Investors flocked to traditional safe haven assets, pushing the Japanese Yen, U.S. treasuries and the greenback higher.

That risk-off sentiment pressured the Canadian dollar against its U.S. counterpart, with the loonie falling to 70.33 cents U.S.