For reference, someone might want to post a chart of the gains the markets have made in the past 5 years. I would hardly call this a crash.
The 19th largest daily percentage loss in the Dow is -7.32%. Today we briefly hit -7.9%.
The 19th largest daily percentage loss in the S&P 500 is -7.18. Today we briefly hit -7.2%.
If you don't classify that as a "crash," then please state your criteria for us to examine. It may not be a major crash, but it's definitely notable.
https://en.wikipedia.org/wiki/List_of_largest_daily_changes_...
https://en.wikipedia.org/wiki/List_of_largest_daily_changes_...
[0]: https://www.investopedia.com/articles/investing/010917/opini...
And it's gotten worse, here's an update from CNN:
"The S&P 500 fell by 7.7%, blowing through the first circuit-breaker level that it tripped minutes after trading opened for the day. The S&P 500 is on pace for its worst day since December 1, 2008, when stocks fell by just over 9%.
The Nasdaq was down "only" 6.7%."
It is superficially "asinine" because it is so narrow. However, the DJIA, S&P, Russell, etc all track/correlate each other.
> Look at any other index instead.
Or better yet, inlay the graphs of DJIA, S&P, Russell, Nasdaq, etc on the same chart for comparison. You'll see that the graphs all look similar. Meaning they all go up and down at around the same times.
It would seem that the broader indexes would better reflect the market as a whole. But in the real world, DJIA does good enough a job as the S&P, Russel, etc for a bird's eye view of the market.
My reading is we're in a normal correction that has been exacerbated by COVID and last night's massive fall (-30%) in oil price.
Probably go under?
Once a well is drilled the cost to drill the well is a sunk cost. You keep pumping oil if the cost to run the pumps is less than the price you get. Most people with oil are large enough to shut down some wells to keep the price up a bit - they harm their own profit in the short term though and still need to sell enough oil to break even.
There is rumor OPEC isn't cutting production because they believe they can undercut their competitors and put them out of business - I don't think that is their motivation, but it is something that can't be ignored.