Stocks are opening lower on Wall Street following the biggest week for the market since 1974.
Stocks on Wall Street fell broadly Monday morning as the market gave back some gains after notching its best week since 1974.
Investors are bracing for a sobering first look this week at how the coronavirus has hurt corporate America, with several major banks, including JPMorgan Chase and Wells Fargo, and other big companies set to report their results for the first three months of the year. Analysts project broad declines in earnings across the 11 sectors in the S&P 500.The Dow Jones industrial average was down 1.7%, or more than 400 points, to 23,307.16. The Nasdaq composite fell 0.9%.
Analysts said the cuts were not enough to make up for the void in demand because of business and travel shutdowns due to the coronavirus. But the deal at least helped resolve a price war that took U.S. crude to near $20 per barrel, pummeling U.S. oil and gas producers.
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