The World Health Organization called the outbreak of coronovirus an epidemic. The WHO usually defines an epidemic as a disease that has become widespread worldwide. Usually indicating that a virus has reached the point that it cannot be stopped.
Over the weekend, the agreement to cut OPEC + production was broken, leading markets to believe that Saudi Arabia would start pumping higher. Ruling a price war between OPEC, Russia and the United States. Energy shares opened with a 24% drop in oil to 30% during the trading session. All sectors in the S&P 500 index were lower on Monday, with energy stocks down 25%. Marathon Oil Company and Apache were both down nearly 50% in the trading session.
The White House continues to reduce the spread of coronovirus and there are still not enough test kits. Markets see right through it and until an exact. The number of cases are report and begin to decline, the market will trade under pressure. As of Monday, the number of US cases was at least 607, according to data compiled by Johns Hopkins University. According to Johns Hopkins University, there were at least 22 American deaths as a result of coronovirus. This compares to over 16 million people who are present in Italy