IRS deposits first coronavirus stimulus checks
New York (CNN Business)US stock futures were down on Sunday evening, ahead of a week when many companies will begin reporting earnings for the three months ending in March, offering a look at how corporate America’s finances have been hit by coronavirus.
Dow (INDU) futures fell 288 points, or 1.2%. S&P 500 (SPX) futures dropped about 1.2% and Nasdaq (COMP) futures were down about 1.2%.
Oil fell as much as 2.7% early Sunday evening, even after OPEC+ reached a deal to cut production by 9.7 million barrels per day. The deal is meant to help stabilize the energy market, which has been rocked by a price war and the coronavirus pandemic.
US stocks ended last week sharply higher, lifted on Thursday by a new $2.3 trillion Federal Reserve program to support the economy amid the coronavirus pandemic. Exchanges were closed on Friday because of the Good Friday holiday.
The S&P 500 ended Thursday up 1.4%. The index recorded its best week since 1974, climbing a total of 12.1%. The Dow rose 1.2% on Thursday, and the Nasdaq Composite gained 0.8%.
But the weeks ahead could still be painful, as many companies report first quarter earnings, which are expected to be dismal because of the coronavirus crisis. Many major banks, including JPMorgan Chase (JPM), Wells Fargo (WFC) and Goldman Sachs (FADXX) are set to report during the first half of this week.
US retail sales and industrial production reports for March are also scheduled to be published on Wednesday, which will offer a further look at the toll coronavirus has taken on the country’s economy.
Source: Read Full Article