The
S&P 500 <SPX> had fallen nearly 35% from its mid-February record
highs, but an unprecedented U.S. fiscal and monetary stimulus
and early signs the outbreak could be peaking have helped it
recover about 27%.
The benchmark index ended a holiday-shortened week on Thursday
with its biggest weekly percentage gain in more than four
decades as the Federal Reserve rolled out trillions of dollars
to backstop businesses.
Over the weekend, major oil producers agreed to their
biggest-ever output cut, but crude prices were subdued on
concerns even that would not be enough to head off oversupply
with the health crisis hammering demand. [O/R]
Exxon Mobil Corp <XOM.N> fell about 1%, while Chevron Corp <CVX.N>
rose 0.5% and Apache Corp <APA.N> shed 3% in thin premarket
trading.
JPMorgan Chase & Co <JPM.N> and Wells Fargo & Co <WFC.N> will
kick off the corporate earnings season on Tuesday, with analysts
expecting first-quarter earnings at S&P 500 firms to fall 9%
compared with a Jan. 1 forecast of a 6.3% rise, according to
IBES data from Refinitiv.
At 6:03 a.m. ET, Dow e-minis <1YMcv1> were down 292 points, or
1.24%. S&P 500 e-minis <EScv1> were down 35 points, or 1.26% and
Nasdaq 100 e-minis <NQcv1> were down 88.75 points, or 1.08%.
(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.

|
|