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U.S. Futures Drop Before Earnings; Oil Fluctuates: Markets Wrap
(Bloomberg) -- U.S. equity futures slipped along with Asia stocks while investors prepared for an earnings season marked by the extraordinary uncertainty over corporate profits caused by the pandemic. Oil fluctuated after an historic deal to cut output.Contracts on the S&P 500, Nasdaq 100 and Dow Jones Industrial Average pointed to a weak open on Wall Street, though oil services companies including Halliburton Co. and Schlumberger Ltd. climbed in the premarket. Stocks fell in Asia’s main financial centers while markets across Europe were closed for the Easter holiday. Treasuries nudged lower and oil swung between gains and declines after OPEC+ agreed to cut 9.7 million barrels a day from global crude output -- just below the initial plan of 10 million.The dollar dipped against other major currencies. The U.S. Congress faces intense pressure to negotiate an interim rescue package this week as the pandemic’s impact accelerates across the country. Seventy coronavirus vaccines are in development globally, with three already being tested in human trials, the World Health Organization said.With earnings season kicking off this week, investors will be hoping to get a sense of how bad the hit to global earnings could be as the coronavirus upends the world’s economies. Without an effective therapy or a vaccine for the novel coronavirus, the U.S. economy could face 18 months of rolling shutdowns as the outbreak recedes and flares up again, Federal Reserve Bank of Minneapolis President Neel Kashkari said.Parts of the U.S. may be ready in May to ease emergency measures taken so far, said Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases. But there’s also the possibility of a Covid-19 rebound in the fall which could be a factor in November’s elections, he said.In focus this week:U.S. banks and financial firms begin reporting first-quarter earnings, led by JPMorgan, Citigroup, Bank of America, BlackRock, Goldman Sachs and Wells Fargo.Bank Indonesia rate decision and briefing TuesdaySouth Korea holds parliamentary elections and the Bank of Canada has a rate decision WednesdayAlso Wednesday, U.S. retail sales are poised to fall in March by the most ever seenChina releases GDP, industrial production and retail sales and jobless figures FridayThese are the main moves in markets:StocksFutures on the S&P 500 Index declined 0.4% as of 8:08 a.m. New York time.Nasdaq 100 Index futures declined 0.4%.The MSCI Asia Pacific Index declined 0.6%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.2%.The euro decreased 0.1% to $1.0925.The British pound gained 0.2% to $1.2482.The Japanese yen strengthened 0.5% to 107.92 per dollar.BondsThe yield on 10-year Treasuries increased less than one basis point to 0.72%.Japan’s 10-year yield gained one basis point to 0.023%.CommoditiesWest Texas Intermediate crude increased 0.1% to $22.78 a barrel.Gold weakened 0.1% to $1,695.38 an ounce.Copper jumped 3.9% to $2.35 a pound.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/u-stock-futures-retreat-crude-224028675.html?.tsrc=rss
(Bloomberg) -- U.S. equity futures slipped along with Asia stocks while investors prepared for an earnings season marked by the extraordinary uncertainty over corporate profits caused by the pandemic. Oil fluctuated after an historic deal to cut output.Contracts on the S&P 500, Nasdaq 100 and Dow Jones Industrial Average pointed to a weak open on Wall Street, though oil services companies including Halliburton Co. and Schlumberger Ltd. climbed in the premarket. Stocks fell in Asia’s main financial centers while markets across Europe were closed for the Easter holiday. Treasuries nudged lower and oil swung between gains and declines after OPEC+ agreed to cut 9.7 million barrels a day from global crude output -- just below the initial plan of 10 million.The dollar dipped against other major currencies. The U.S. Congress faces intense pressure to negotiate an interim rescue package this week as the pandemic’s impact accelerates across the country. Seventy coronavirus vaccines are in development globally, with three already being tested in human trials, the World Health Organization said.With earnings season kicking off this week, investors will be hoping to get a sense of how bad the hit to global earnings could be as the coronavirus upends the world’s economies. Without an effective therapy or a vaccine for the novel coronavirus, the U.S. economy could face 18 months of rolling shutdowns as the outbreak recedes and flares up again, Federal Reserve Bank of Minneapolis President Neel Kashkari said.Parts of the U.S. may be ready in May to ease emergency measures taken so far, said Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases. But there’s also the possibility of a Covid-19 rebound in the fall which could be a factor in November’s elections, he said.In focus this week:U.S. banks and financial firms begin reporting first-quarter earnings, led by JPMorgan, Citigroup, Bank of America, BlackRock, Goldman Sachs and Wells Fargo.Bank Indonesia rate decision and briefing TuesdaySouth Korea holds parliamentary elections and the Bank of Canada has a rate decision WednesdayAlso Wednesday, U.S. retail sales are poised to fall in March by the most ever seenChina releases GDP, industrial production and retail sales and jobless figures FridayThese are the main moves in markets:StocksFutures on the S&P 500 Index declined 0.4% as of 8:08 a.m. New York time.Nasdaq 100 Index futures declined 0.4%.The MSCI Asia Pacific Index declined 0.6%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.2%.The euro decreased 0.1% to $1.0925.The British pound gained 0.2% to $1.2482.The Japanese yen strengthened 0.5% to 107.92 per dollar.BondsThe yield on 10-year Treasuries increased less than one basis point to 0.72%.Japan’s 10-year yield gained one basis point to 0.023%.CommoditiesWest Texas Intermediate crude increased 0.1% to $22.78 a barrel.Gold weakened 0.1% to $1,695.38 an ounce.Copper jumped 3.9% to $2.35 a pound.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/u-stock-futures-retreat-crude-224028675.html?.tsrc=rss
