U.S. stock index futures fell on Monday as a slump in oil prices pounded energy stocks, with investors also bracing for another batch of dour first-quarter earnings reports and economic data.
FILE PHOTO: The floor of the New York Stock Exchange stands empty as the building prepares to close indefinitely due to the coronavirus disease outbreak in New York, U.S., March 20, 2020. REUTERS/Lucas JacksonREUTERS: U.S. stock index futures fell on Monday as a slump in oil prices pounded energy stocks, with investors also bracing for another batch of dour first-quarter earnings reports and economic data.
Exxon Mobil Corp and Chevron Corp shed between 3.6per cent and 4.3per cent in premarket trading as crude prices fell to levels last seen in 1999 on concerns of oversupply.Wall Street's main indexes have rallied this month, with the S&P 500 ending Friday with its biggest two-week percentage gain since 1974 on a raft of global stimulus and hopes the virus was nearing a peak in the United States.
The benchmark index is up 30per cent from its March trough, but is still about 15per cent off its all-time high and analysts have warned of a deep economic slump from the halt in business activity and millions of layoffs. After U.S. banks kicked off the quarterly earnings season with painful forecasts for 2020, investors will keep a close watch on reports from Halliburton on Monday as well as Delta Air Lines Inc , Southwest Airlines Co and Netflix Inc later in the week.At 06:22 a.m. EDT, Dow e-minis were down 372 points, or 1.52per cent, S&P 500 e-minis were down 41.5 points, or 1.43per cent and Nasdaq 100 e-minis were down 82.5 points, or 0.94per cent.The S&P 500 index closed up 2.68per cent at 2,874.