Nasdaq rises helping Dow, S&P curb some losses

Corporate earnings from the big banks will take center stage starting Tuesday

U.S. equity markets clawed back about half of their losses on Monday as the Nasdaq managed to close with gains, helped in part by large tech stocks including Amazon, Apple, Microsoft and Google.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 14762.584267 +102.01 +0.70%
AMZN AMAZON.COM, INC. 3,630.32 +3.93 +0.11%
MSFT MICROSOFT CORP. 286.22 -0.32 -0.11%
AAPL APPLE, INC. 144.98 -1.79 -1.22%
GOOGL ALPHABET, INC. 2,721.88 +83.88 +3.18%

The Nasdaq tacked on nearly 0.5 percent. The Dow Jones Industrial Average dropped 1.4 percent, or 328 points, after falling as many as 624 points while the S&P 500 lost 1 percent.

Earlier in the session, investors digested the historic production cuts agreed to by OPEC and other oil-producing nations.

A consortium of 23 of the world’s largest oil producers reached an agreement on Sunday to cut global production by 9.7 million barrels per day, or nearly 10 percent, in May and June, ending a price war between heavyweights Saudi Arabia and Russia. Output will also be reduced by 8 million bpd from July to December 2020, and by 6 million bpd from January 2021 to April 2022.

West Texas Intermediate crude oil, the U.S. benchmark, fell 1.54 percent to $22.41 per barrel, weighing on most companies with exposure to the shale patch.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 58.18 +0.34 +0.59%
CLR CONTINENTAL RESOURCES 34.71 +0.49 +1.43%
EOG EOG RESOURCES, INC. 73.30 +0.57 +0.78%

Elsewhere, the big banks were in focus a head of Tuesday's earnings reports from JPMorgan Chase & Co. and Wells Fargo. Reuters reported JPMorgan is raising its standards for new home mortgages with borrowers now needing to put 20 percent down and have a credit rating of at least 700.

CORONAVIRUS SPOTLIGHTS RISK AT JPMORGAN, WELLS FARGO

Also, investors will be paying close attention to what the banks say about their commercial real estate exposure as the coronavirus has closed most non-essential businesses.

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 151.70 +0.25 +0.17%
WFC WELLS FARGO & CO. 45.51 +0.37 +0.82%
BAC BANK OF AMERICA CORP. 38.13 +0.15 +0.39%
C CITIGROUP, INC. 68.10 +0.12 +0.18%
GS THE GOLDMAN SACHS GROUP, INC. 374.23 -0.61 -0.16%

In other earnings news, Ford warned revenue from the January through March period will fall 16 percent from a year ago to about $34 billion, and earnings before interest, revenue, taxes and depreciation will be approximately -$600 million.

A preliminary trial found Gilead Science’s remdesivir drug may lower the risk of death in patients who fall ill from COVID-19, according to a report in The New England Journal of Medicine.

Walt Disney Co. said in a statement out Sunday that it would furlough 43,000 workers at its Walt Disney World Resort due to the COVID-19 pandemic.

Ticker Security Last Change Change %
F FORD MOTOR CO. 13.86 +0.07 +0.51%
GILD GILEAD SCIENCES, INC. 70.06 +1.13 +1.64%
DIS THE WALT DISNEY CO. 179.10 -0.40 -0.22%

Meanwhile, embattled retailer Macy’s has hired Lazard to look into ways the company can bolster its balance sheet.

AMC Entertainment traded sharply lower amid reports the movie-theater chain is exploring a Chapter 11 bankruptcy filing.

Lubricant-product manufacturer WD-40 Co. reported sales fell 31 percent in the three months through February amid weakness in China caused by disruptions due to COVID-19. The company withdrew its 2020 outlook.

Ticker Security Last Change Change %
M MACY'S, INC. 16.73 -0.31 -1.82%
AMC AMC ENTERTAINMENT HOLDINGS INC 38.90 +0.89 +2.34%
WDFC WD-40 CO. 244.17 +1.15 +0.47%

U.S. Treasurys slipped, running the yield on the 10-year note up to 0.749 percent.

Markets across Europe were closed in observance of Easter Monday.

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In Asia, Japan’s Nikkei slid 2.33 percent and China’s Shanghai Composite fell 0.48 percent. Hong Kong’s Hang Seng was closed.