Stocks are down broadly on Wall Street, erasing some of the market’s gains after its best week since 1974. The S&P 500 fell 1.4% in trading Monday.
It had surged 12% last week. The selling came as investors weigh a pact by big oil producers to cut production following a collapse in demand due to the coronavirus pandemic. The agreement sent oil prices higher.
Traders are also bracing for a sobering first look this week at how the outbreak has hurt corporate America. JPMorgan Chase, Johnson & Johnson and other big companies are set to report their results for the first quarter this week.