Wall Street gave up Friday's gains from opening bell on Monday as oil headlines pressured stock trading. The May contract for West Texas Intermediate (USO  ) dropped over 100%, settling at negative $37.63 per barrel. Market participants, first relived that the United States was planning to reopen the economy soon last week, are now unconvinced that the economic damage brought by the coronavirus is easily fixable. All three benchmarks declined, with the Dow Jones Industrial Average being pulled down by shares of Exxon Mobil (XOM  ), Chevron (CVX  ) and Boeing (BA  ) falling with oil prices.

Here's how the stock market closed to open the week:

S&P 500 Index (SPY  ): -1.79% or -51.40 points to 2,823.16

Dow Jones Industrial Average (DIA  ): -2.44% or -592.05 points to 23,650.44

Nasdaq Composite Index (QQQ  ): -1.03% or -89.41 points to 8,560.73

In Major Stock News, United Airlines (UAL  ) fell on Monday after reporting a $2.1 billion loss for the first quarter as the coronavirus pandemic cut travel demand. Amazon (AMZN  ), Netflix (NFLX  ) and Roku (ROKU  ) all gained during Monday's session due mostly to the majority of the country continuing to stay at home and investors making safer plays. Shares of Shack Shake (SHAK  ) rose after the company announced it would be returning the $10 million small business loan the burger chain had received under the Paycheck Protections Program.

In Stock Sector News, every sector fell amid Monday's sell off. The negative sector performance outcome was as follows: Utilities -3.89%, Real Estate -3.74%, Energy -3.29%, Industrials -2.70%, Materials -2.54%, Consumer Staples -2.08%, Financials -1.96%, Information Technology -1.78%, Consumer Discretionary -1.27%, Communication Services -0.92% and Health Care -0.78%.

In Commodity and Currency News, oil took a historic plunged on Monday, with West Texas Intermediate (USO  ) settling below $0 for the first time on record. Brent Crude (BNO  ) also dropped -7.5% to bring oil prices between $0-$27. Gold (GLD  ) soared as oil slipped, bringing the metal's price back over the $1,700 threshold as investors buy more stable commodities. Finally, the U.S Dollar (UUP  ) also increased as investors moved their money away from stocks.

For Tuesday, market participants are more likely to focus on headlines for oil and the coronavirus than quarterly earnings. However, the earnings for Chipotle (CMG  ), Coca-Cola (KO  ) and Netflix (NFLX  ) are slated for tomorrow.