Impact on stocks

The biggest single-day drops in crude oil futures have had little impact on the broader stock market. It depends on what the cutoff time is used for the front-month futures, but using Bloomberg continuous contract data, there have been 13 one-day declines of 10% or more in oil futures. The S&P 500 was higher a week later 11 times, a month later 7 times, three months later 6 times, and a year later 8 times, with a median one-year return of 20.1%.