With demand for crude products on the decline due to the coronavirus, OPEC over the weekend announced the largest production cut ever. The multi-lateral decision to cut 9.7M bpd came after weeks of negotiations, while the cut itself is four times larger than the one back in 2008, which was the largest on record at the time.
Interestingly, the news did little to move crude prices. Oil initially spiked, but held short of taking out recent highs up around the $29 area and then pulled back some throughout the overnight session. In addition to crude’s situation, this week traders and investors will be focused on companies set to report quarterly results and economic data scheduled for release.
Let’s begin with the earnings and a few of the names to keep an eye on — banks will be the primary focus to begin the week with Wells Fargo & Company WFC, JPMorgan Chase & Co., Bank of America Corporation BAC, and PNC Financial Services Group PNC to start things off. Other names like Johnson & Johnson JNJ, Sprint Corporation S, J.B. Hunt Transport Services, Inc. JBHT, and Bed Bath and Beyond Inc. BBBY will be closely watched as well.
In terms of economic data this week, we have Jobless Claims, housing data, Retail Sales and multiple Fed speakers which should be on your radar. Additionally, keep an eye on crude inventories, the Beige Book, and the Bank of Canada. While the week starts off slow, with many international markets closed in observance of the Easter holiday, the TDA Network is where you’re going to want to stay tuned to for all the breaking news, headlines, and the market reaction!
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