Airlines have been particularly hurt as travel curbs have battered the industry world-wide. United Airlines Holdings Inc. said it expects to report a pretax loss of $2.1 billion in the first quarter, as air travel came to a near halt.
Virgin Australia Holdings Ltd., Australia’s second-largest airline, said Tuesday that it was entering voluntary administration, becoming one of the first major airlines to seek bankruptcy protection since the pandemic began disrupting global travel.
The energy industry, meanwhile, was convulsed by a historic plunge in oil prices, which fell into negative territory for the first time, reflecting a collapse in demand so deep that there is inadequate space to store the world’s excess barrels. The turmoil hit stock prices, with the Dow Jones Industrial Average falling 2.4% Monday and Asian stocks declining during Tuesday trading hours.