stocks plunge again
stocks plunge again

By Jonathan Garber FOXBusiness

U.S. equity markets opened with modest losses as investors digested the historic oil deal between OPEC and other oil-producing nations and looked ahead to first-quarter earnings season.

The Dow Jones Industrial Average fell 350 points, or 1.48 percent, while the S&P 500 and Nasdaq Composite were lower by 1.26 percent and 0.73 percent, respectively. The early selling comes after the benchmark S&P 500 gained 12 percent last week, making for its biggest weekly advance since 1974.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES23269.38-449.99-1.90%
SP500S&P 5002757.41-32.41-1.16%
I:COMPNASDAQ COMPOSITE INDEX8113.986254-39.59-0.49%

A consortium of 23 of the world’s largest oil producers reached an agreement on Sunday to cut global production by 9.7 million barrels per day, or nearly 10 percent, in May and June, ending a price war between heavyweights Saudi Arabia and Russia. Output will also be reduced by 8 million bpd from July to December 2020, and by 6 million bpd from January 2021 to April 2022.

West Texas Intermediate crude oil, the U.S. benchmark, was trading higher by 3.38 percent at $23.53 per barrel, giving a lift to companies with exposure to the U.S. shale patch.

TickerSecurityLastChangeChange %
EOGEOG RESOURCES45.07+0.25+0.56%

Elsewhere, the big banks are in focus as JPMorgan Chase & Co. and Wells Fargo get set to kick off earnings season on Tuesday. Reuters reported JPMorgan is raising its standards for new home mortgages with borrowers now needing to put 20 percent down and have a credit rating of at least 700.

TickerSecurityLastChangeChange %
JPMJP MORGAN CHASE & CO.100.36-2.40-2.34%
WFCWELLS FARGO & COMPANY32.52-0.68-2.03%
BACBANK OF AMERICA CORP.24.35-0.51-2.05%
CCITIGROUP INC.46.14-1.27-2.68%

Ford warned revenue from the January through March period will fall 16 percent from a year ago to about $34 billion, and earnings before interest, revenue, taxes and depriciation will be approximately -$600 million.

A preliminary trial found Gilead Science’s remdesivir drug may lower the risk of death in patients who fall ill from COVID-19, according to a report in The New England Journal of Mb$edicine.

Walt Disney Co. said in a statement out Sunday that it would furlough 43,000 workers at its Walt Disney World Resort due to the COVID-19 pandemic.

TickerSecurityLastChangeChange %
FFORD MOTOR COMPANY5.17-0.20-3.72%

Meanwhile, embattled retailer Macy’s has hired Lazard to look into ways the company can bolster its balance sheet.

AMC Entertainment traded sharply lower amid reports the movie-theater chain is exploring a Chapter 11 bankruptcy filing.

Lubricant-product manufacturer WD-40 Co. reported sales fell 31 percent in the three months through February amid weakness in China caused by disruptions due to COVID-19. The company withdrew its 2020 outlook.

TickerSecurityLastChangeChange %
MMACY’S INC.6.20-0.46-6.91%
WDFCWD-40 CO.158.50-16.91-9.64%

U.S. Treasurys slipped, running the yield on the 10-year note up 1.7 basis points to 0.739 percent.

Markets across Europe were closed in observance of Easter Monday.

In Asia, Japan’s Nikkei slid 2.33 percent and China’s Shanghai Composite fell 0.48 percent. Hong Kong’s Hang Seng was closed.

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