U.S. stocks are poised to fall on Monday, as crude futures surged after the Organization of the Petroleum Exporting Countries announced a surprise output cut.
At 6:27 p.m. Eastern time on Sunday, Dow Jones Industrial Average futures slipped 8 points, or 0.02%, while the S&P 500 futures lost 0.3%, and Nasdaq Composite futures lost 0.5%.
Crude oil futures (West Texas Intermediate, the U.S. standard) rose 6.8% to $80.86 a barrel. Brent crude, the international standard, jumped 6.9% to $85.44 a barrel.
This week includes the jobs report for March, due out on Friday.
Notable earnings this holiday-shortened week include: Conagra Brands on Wednesday; Constellation Brands, Lamb Weston, Levi Strauss & Co., and RPM International on Thursday.
JPMorgan Chase,
Wells Fargo,
and
Citigroup
will kick off first-quarter earnings season later in April.
This week’s notable economic events include: On Monday, the Institute for Supply Management will release its Manufacturing Services Purchasing Managers’ Index for March, and the Commerce Department will report construction spending data for February.
On Tuesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for the last business day of February. On Wednesday, the ISM will release its Services Purchasing Managers’ Index for March, and ADP will release its National Employment Report on private-sector jobs for March.
On Thursday, the Labor Department will report initial jobless claims, a proxy for layoffs, for the week ending April 1. On Friday, the BLS will release the March jobs report and unemployment rate. Equity markets will be closed in observance of Good Friday, and fixed-income markets will close at noon EDT.
Write to Janet H. Cho at [email protected]
Read the full article here