Will this ever come to an end? The oil price continues its decline and Dow opens with a drop of 150 points.
|Wall Street Update|
The Dow Jones industrial average fell more than 150 points in opening trade.
Shares of Exxon Mobil held about 2 percent lower in pre-market trade after the firm reported a 58 percent drop in profit, hurt by low oil prices. The world's largest publicly traded oil company also said it would cut spending this year by one-quarter, Reuters reported.
Google's latest earnings report is encouraging, helped by a 17 percent rise in advertising revenue. A key advertising metric of aggregate paid clicks increased 31 percent from the previous year, beating consensus expectations of about 22 percent.
The positive earning results have made Alphabet, Google's parent company to be on pace to top Apple as the world's most valuable company.
U.S. crude oil futures were more than 4 percent lower in morning trade, hovering just above $30 a barrel. Concerns about demand and rising supply continued to weigh as hopes for a deal between OPEC and Russia on output cuts fade