All the major S&P 500 sub-sectors fell more than 2%, with the energy index sliding for the seventh time in eight sessions a day after the WTI contract crashed below zero as oil traders ran out of storage for May deliveries.

The benchmark S&P 500 index has climbed over 25% from a March low, powered by trillions of dollars in stimulus, but still remains nearly 17% below its record high due to state-wide shutdowns to try to contain the virus.

Among other Dow components, International Business Machines Corp slid 6.2% after the company withdrew its 2020 annual forecast late on Monday.

At 11:42 a.m. ET the Dow Jones Industrial Average was down 657.32 points, or 2.78%, at 22,993.12, the S&P 500 was down 90.29 points, or 3.20%, at 2,732.87 and the Nasdaq Composite was down 329.55 points, or 3.85%, at 8,231.18.

Copyright Reuters, 2020