(Reuters) – U.S. stocks were set to fall on Monday as energy shares took a hit from sliding oil prices, while investors braced for a week packed with earnings reports and economic data that could provide more evidence of the damage wrought by the coronavirus.
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri
Exxon Mobil Corp (XOM.N) shed 5.6% in premarket trading and Chevron Corp (CVX.N) 4.8% as the U.S. West Texas Intermediate (WTI) contract CLc1 fell 35% to levels last seen in 1998 on concerns of oversupply.
Wall Street’s main indexes have rallied this month, with the S&P 500 .SPX 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 Nasdaq .IXIC also registered its best two weeks since 2001, powered by new record highs for Netflix Inc (NFLX.O) and Amazon.com Inc (AMZN.O) – deemed “stay-at-home” stocks as widespread lockdowns fueled demand for online streaming and home delivery of groceries.
Still, the benchmark S&P 500 is about 15% below its all-time high and analysts have warned of a deep economic slump from the halt in busine