(Bloomberg) -- American stocks, up 25% in three weeks, ran into turbulence on the eve of earnings season, with futures on benchmark indexes falling in holiday-thinned trading.June contracts on the S&P 500 slid as much as 2.2%, erasing a gain of 1.4% and paring last week’s 12% rally, the biggest since the 1970s. The decline came even as the world’s top oil producers agreed to cut global petroleum output by nearly a 10th, putting an end to a price war between Saudi Arabia and Russia. Stock futures fell 0.9% as of 7:04 p.m. in New York. West Texas Intermediate crude was little changed.Corporate reports due in the next few weeks will provide investors some of the most vivid detail to date on the devastation wrought by the coronavirus on the U.S. economy. Profits among S&P 500 companies are expected to drop more than 11% from a year ago, according to the...
(Bloomberg) -- Stocks looked set to for a mixed start to the week as investors mulled a slowdown in new coronavirus cases and readied for the start of earnings season. Oil futures swung after a historic deal to cut output.U.S. equity futures declined in early Asia trading and Japanese contracts retreated. Many markets remained closed for holidays. The euro steadied after France, Germany, Italy and Spain reported a slowdown in new cases. Canada’s dollar opened higher after OPEC+ agreed to cut 9.7 million barrels a day from global crude output -- just below the initial plan of 10 million. The yen ticked higher.With earnings season kicking off in earnest this week, investors will be hoping to get a better sense of how bad the hit to global profits could be as the coronavirus upends the world’s economies. Uncertainty is high as to what the coming months will bring with companies having...
(Bloomberg) -- Oil declined after an initial jump as an historic deal among the world’s top producers to cut global output by nearly a 10th failed to revive prices that have been pummeled by the coronavirus.Futures in New York rose as much as 9% but quickly reversed those gains as markets opened following a three-day break. The OPEC+ alliance agreed to a plan to slash production by 9.7 million barrels a day starting in May, ending a price war between Saudi Arabia and Russia. The producer group reached a deal following days of intense negotiations after Mexico declined to endorse the original agreement reached Thursday.The U.S., Brazil and Canada will contribute another 3.7 million barrels on paper as their production declines, and other Group of 20 nations will cut an additional 1.3 million. The G-20 numbers don’t represent real voluntary cuts, but rather reflect the impact that low prices have already...
Stock futures fell Sunday evening at the end a holiday weekend in the U.S., declining after last week’s rally sent the S&P 500 to its best weekly gain since 1974....
