Stocks Drop Before Earnings Season; WTI Oil Rises: Markets Wrap

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May 8, 2002
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(Bloomberg) -- Global stocks began the week on the back foot as investors prepared for an earnings season marked by extraordinary uncertainty over corporate profits and outlooks caused by the pandemic. West Texas oil futures pared earlier gains after a historic deal to cut output.Futures on the three main U.S. equity indexes all dropped, while stocks fell in Asia’s main financial centers. Markets across Europe were closed for the Easter holiday. Treasury 10-year futures were steady after after OPEC+ agreed to cut 9.7 million barrels a day from global crude output -- just below the initial plan of 10 million.The dollar trimmed earlier declines against other major currencies, leaving the pound as the top gainer versus the greenback. Seventy coronavirus vaccines are in development globally, with three already being tested in human trials, the World Health Organization said.With earnings season kicking off this week, investors will be hoping to get a sense of how bad the hit to global profits could be as the coronavirus upends the world’s economies. Without an effective therapy or a vaccine for the novel coronavirus, the U.S. economy could face 18 months of rolling shutdowns as the outbreak recedes and flares up again, Federal Reserve Bank of Minneapolis President Neel Kashkari said.Parts of the U.S. may be ready in May to ease emergency measures taken against the coronavirus pandemic, said Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases. But there’s also the possibility of a Covid-19 rebound in the fall which could be a factor in November’s elections, he said.In focus this week:U.S. banks and financial firms begin reporting first-quarter earnings, led by JPMorgan, Citigroup, Bank of America, BlackRock, Goldman Sachs and Wells Fargo.Bank Indonesia rate decision and briefing TuesdaySouth Korea holds parliamentary elections and the Bank of Canada has a rate decision WednesdayAlso Wednesday, U.S. retail sales are poised to fall in March by the most ever seenChina releases GDP, industrial production and retail sales and jobless figures FridayThese are the main moves in markets:StocksFutures on the S&P 500 Index fell 1.3% as of 10:01 a.m. London time.Nasdaq 100 Index futures fell 1.2%.The MSCI Asia Pacific Index declined 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.2% to 1,245.11.The euro was little changed at $1.0933.The British pound increased 0.5% to $1.2516.The Japanese yen strengthened 0.5% to 107.95 per dollar.The South Korean Won weakened 0.7% to 1,217.82 per dollar.BondsTreasury 10-year futures were steady.CommoditiesWest Texas Intermediate crude advanced 1.4% to $23.08 a barrel.Gold weakened 0.3% to $1,692 an ounce.Copper jumped 3.3% to $2.33 a pound.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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