Markets

Here's what happened to the stock market on Tuesday

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Dow Jones Industrial Average drops 631 points

The Dow slid 631.56 points, or 2.67%, to close at 23,018.88. The S&P 500 fell 3.07% to 2,736.56. The Nasdaq Composite dropped 3.48% to end the day at 8,263.23. Stocks closed lower once again as oil prices continued their unprecedented wipeout, further denting market sentiment and dampening the global economic outlook. 

More oil losses

Traders were focused on the strange happenings with oil futures once again, which raised concern about deep losses for the energy industry hitting the U.S. economy even further. The West Texas Intermediate futures contract for June dropped more than 40%, a day after the May contract tumbled below zero for the first time in history. President Donald Trump tweeted he instructed the Energy and Treasury departments to "formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future."

Popular oil ETF has worst day ever, IBM drops

The United States Oil Fund, a popular exchange-traded fund used by traders to gain exposure to the oil market, had its worst day ever with a 24% drop. IBM pressured the Dow, falling 3.03% after the tech company reported a year-over-year decline in overall revenue.

What happens next?

Delta Air Lines, AT&T and Biogen are scheduled to report earnings on Wednesday.

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