- WTI drops to 21-year low
- Dollar strengthens with increased Treasury demand
- Gold threatens to blow out what would be a bullish pattern
KEY EVENTS
At the start of a week loaded with upcoming earnings reports, U.S. futures, including for the S&P 500, Dow Jones and NASDAQ fell on Monday, following most Asian indices lower. European equities initially advanced on data suggesting the spread of COVID-19 is starting to flatten in some vital economies.
The U.S. dollar climbed along with Treasuries. The big story today, however, is oil. The May contract for WTI fell below $15, a 21-year low.
GLOBAL FINANCIAL AFFAIRS
The STOXX Europe 600 Index opened slightly higher even as energy companies were being sold off, on reports that virus-related deaths were slowing. This follows yesterday's news that New York Governor Andrew Cuomo announced coronavirus deaths in his state had likely peaked, while fatalaties in Spain, Italy, the UK and Germany declined.
Still, the number of reported cases globally has currently topped 2,411,000 with close to 166,000 deaths.
And, at the time of writing, the pan-European benchmark has reversed lower.
After the first back-to-back weekly gains for the S&P 500 since the coronavirus selloff in mid-March, e-mini futures contracts for the index retreated today.
SPX Futures 60-Minute Chart
Source
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