A slide in energy stocks weighed on Wall Street on Monday as crude prices crashed at the start of a week packed with quarterly earnings reports and economic data likely to underline the damage from the coronavirus outbreak.
Hopes have also risen for a gradual reopening of the economy after President Donald Trump cited signs of plateauing in the virus outbreak last week and outlined new guidelines for states to pull out of shutdowns.
But his plan was thin on details and left the decision largely up to state governors. New York City Mayor Bill de Blasio said on Monday it could take weeks if not months before the country’s most populous city reopens due to a lack of widespread testing. “The recovery will be much slower than the market is currently pricing in simply because social distancing measures can be relaxed but not removed until we have a vaccine or a very effective cure,” said Andrea Cicione, head of strategy at TS Lombard in London.
In economic news, surveys on April U.S. manufacturing and services sectors are due on Thursday, while U.S. jobless claims are forecast to have hit as many as 5 million in the week ended April 18, on top of 22 million claims in the previous four weeks. Reporting by Shreyashi Sanyal and C Nivedita in Bengaluru; Editing by Sagarika Jaisinghani and Anil D'Silva
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