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Stock market live updates: Dow futures fall 500 points, unprecedented oil losses continue

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8:22 am: Dollar index hits highest level since April 8 as investors seek safety

The dollar surged on Monday as investors rushed into safe haven asset amid a plunge in oil prices. The dollar index hit a high of 100.374, its highest level since April 8 when the index hit a high of 100.43. —Fitzgerald, Francolla

8:10 am: U.S.10-year yield falls to lowest level in more than a month

The U.S. 10-year Treasury yield hit a low of 0.567% on Tuesday, hitting its lowest level since March 10. Investors piled into bonds amid growing concerns over the global economy while crude and equity futures tumbled. —Imbert

8:08 am: Kyle Bass warns against oil ETFs

Hayman Capital Management CIO Kyle Bass again warned about exchange traded funds that track oil prices. Bass asked on Twitter if the funds could trade in negative territory if oil futures further along the curve follow the May contract below $0. "If I were a major counterparty after yesterday's session, I would demand more than 100% collateral," Bass said. The United States Oil Fund, the largest oil ETF, fell roughly 18% on Tuesday. Bass said Monday on CNBC's "Closing Bell" that retail investors should stay away from these funds and that he had short positions against some of them. — Pound

7:55 am: Oil futures fall as May contract stays negative

After the futures contract for the front month of West Texas International fell below zero on Monday, contracts for June dropped sharply in early trading on Tuesday. The WTI contract for June fell more than 23% to $15.57 per barrel, while internationaly benchmark crude dropped nearly 19% to $20.77 per barrel. The WTI futures contract for May, which fell into negative territory on Monday, was trading at negative $4 per barrel on Tuesday morning. The contract expires later on Tuesday. —Pound

7:50 am: Oil traders have never seen 'insane' market like this before, fear more declines to negative prices

The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history on Monday. And with only guesswork as to when stay-at-home ordinances might be lifted and when crude demand might pick up, traders warn that oil could continue to trade at extremely depressed levels. "If we have not recovered from COVID in July so that enough driving has come back and storage is full, then the price of crude oil is going to be zero," RBN Energy's Rusty Braziel told CNBC. He called Monday's trading activity "insane," and said that in his more than 40 years of trading he had "never seen anything like this." On Monday, West Texas Intermediate crude for May delivery fell more than 100% to settle at negative $37.63 per barrel, meaning people would effectively pay to have the oil taken off their hands. —Stevens

7:42 am: South Korean won drops on report North Korea's Kim Jong Un is seriously ill

The South Korean won dropped nearly 1% against the U.S. dollar after unconfirmed reports said North Korean leader Kim Jong Un was seriously ill. CNN reported Tuesday, citing unnamed U.S. officials, that Washington was "monitoring intelligence" that Kim is in "grave danger after a surgery." Daily NK, a South Korean media outlet, said Kim was receiving treatment after undergoing a cardiovascular procedure on April 12. To be sure, Reuters reported, citing two government sources, that Kim was not gravely ill. —Imbert, Huang

7:40 am: IBM down 5% after company returns to revenue decline in first quarter 

IBM fell more than 5% in premarket trading after the company reported first-quarter results that showed a return to revenue declines amid the Covid-19 outbreak. Sales decreased 3.4% on an annualized basis in the first quarter as the company tried to revamp its operations so that employees to work remotely. One quarter ago, the company ended a streak of five consecutive quarters of falling revenues. It also withdrew full-year guidance given the uncertainty the of the coronavirus. —Franck

7:16 am: Stock futures fall as historic oil decline continues

Wall Street headed for another lower open on Tuesday as oil's historic decline showed no signs of ebbing. Dow Jones Industrial Average futures traded more than 400 points lower, or 1.8%. S&P 500 and Nasdaq 100 futures slid 1.4% and 0.8%, respectively. The May WTI contract was deep in negative territory, but more concerning for oil traders was the decline in later-month contracts. The June oil contract traded 18% lower at $16.67 per barrel. The sharp losses in oil raised more concern about the state of the global economy as the coronavirus pandemic ravages the economic outlook. —Imbert

With reporting from Eustance Huang and Jesse Pound.

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