U.S. stock futures fell Monday morning despite confirmation that OPEC, Russia and other major oil producers agreed to cut output by a record amount, ending their price war.
Oil gave back early gains and stock futures traded lower with the Dow Jones Industrial Average off around 250 points. Investors are also looking ahead to what will be a busy week of corporate earnings, especially for the big banks, including JPMorgan, Wells Fargo and Goldman Sachs.
The S&P 500 is coming off its best week since 1974, rising 12 percent.
|JPM||JP MORGAN CHASE & CO.||102.76||+8.46||+8.97%|
|WFC||WELLS FARGO & COMPANY||33.20||+2.92||+9.64%|
|GS||GOLDMAN SACHS GROUP INC.||184.26||+7.30||+4.13%|
In addition to the start of earnings season, President Trump is expected on Tuesday to announce a group that may be called the ‘Opening Our Country Council,’ which will comprise of bipartisan business leaders across the U.S.
The group will likely begin by assessing ideas such as reopening areas on a “rolling basis,” provided it is safe to do so. The COVID-19 pandemic has infected 1.7 million people worldwide and killed more than 100,000. Americans are starting to receive their stimulus checks from the U.S. government to help curb financial hardship due to the coronavirus.
In Asian markets on Monday, Japan’s Nikkei fell 2.3 percent and China’s Shanghai Composite slipped 0.6 percent. The Hong Kong market was closed for a holiday. European markets will also be closed for the Easter Monday holiday.