Commuters exit a Wall Street subway station near the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
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7:39 am: Stocks set to open lower
U.S. stock index futures pointed to losses at the open as markets struggled to hold onto last week’s gains. The Dow Jones Industrial Average was set to open 133 points lower for a loss of 0.56%, while the S&P 500 and Nasdaq-100 were slated to drop 0.6% and 0.4%, respectively. Earlier in the session stock futures had been positive following a historic agreement between OPEC and its oil-producing allies to take 9.7 million barrels per day off the market. Oil was trading flat.
The S&P 500 is coming off its best week since 1974 as investors cheered an apparent improvement in the U.S.’ coronavirus outlook along with massive stimulus measures from the Federal Reserve. Small cap stocks outperformed the broader market last week with the Russell 2000 rising 18.5% for its best week ever. But the S&P 500 is still 18% below its February all-time high, however, while the Dow is roughly 20% below its peak. – Stevens
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