Angela Weiss | AFP | Getty Images
Dow Jones Industrial Average futures traded 339 points lower, pointing to
The group of countries known as OPEC+ agreed to cut production by 9.7 million barrels per day, making it the single-largest output reduction on record. President Donald Trump tweeted the accord will “will save hundreds of thousands of energy jobs in the United States,” adding it will be “great for all.”
Oil prices had fallen more than 40% since early March after Saudi Arabia-led OPEC and Russia failed to reach a deal as the
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said on Sunday he was cautiously optimistic that the outbreak was slowing down in the U.S. He also said parts of the country may start to reopen next month.
Confirmed cases in the U.S.
“The various mitigation efforts to contain the spread of COVID-19 seem to be working. What comes next is very much up in the air,” said Marc Chaikin, CEO of Chaikin Analytics. “With the timing of the reopening of the economy now being debated and the economic effects of the engineered shutdown still to be determined, we urge investors to remain wary but watchful as events unfold.”
Chaikin noted the market’s recent rally — which led the S&P 500 to retrace half of its downside move from record highs — may set up investors for disappointment as the corporate earnings season begins.
Johnson & Johnson, JPMorgan Chase and Bank of America are among the companies scheduled to report earnings this week. Several companies have removed their earnings guidance, citing the
There are no economic data releases due Monday.
Despite the market’s rally last week, the major averages are still more than 17% below the records set in February. Both the Dow and S&P 500 are down 16.9% and 13.7%, respectively, for the
CNBC’s Silvia Amaro contributed to this report.