Stock market live updates: Futures fall 2%, oil tanks 20%, New York past virus peak?

Shares of oil producers and services companies are dropping in premarket trading on Monday after oil prices tumbled to their lowest level in more than 21 years. The May contract of U.S. West Texas Intermediate (WTI) futures fell to $11.04 a barrel on Monday, down almost 40%, to register its lowest level since Dec. 22, 1998. Devon Energy and Noble Energy both fell more than 8%, while Occidental Petroleum tanked 10%. Halliburton dropped more than 7% after the oilfield services company warned of a big drop in activity due to oversupply and a massive drop in oil demand.

Senate Democrats and Republicans are nearing a deal that could inject roughly $370 billion into loan programs for small businesses, a person familiar with the negotiations told CNBC. The talks come after the $349 billion Paycheck Protection Program, which offers forgivable loans to small businesses, ran out of money on Thursday. Democrats rejected a proposal to refill the fund two weeks ago. They instead argued for changes, including adding more money to support federal testing, hospitals, and local governments. They’ve also pushed to ensure groups without banking relationships get access to the program and SNAP benefits.

The burger chain’s CEO said Monday that Shack Shack is returning the $10 million small business loan it received from the government. The restaurant chain was able to raise about $150 million in an equity offering last week. The SBA loan program was a part of the federal government’s $2.2 trillion rescue package to help small and medium-sized businesses and their employees during the coronavirus shutdown. Shares of Shake Shack ticked about 1.2% lower in premarket trading on Monday.