The DOW Futures were almost unchanged on Monday along with the S&P500 Futures and the NASDAQ ones, paring the overnight losses. Last week, the stock market attempted a strong rally, despite the pullback on Friday.
We have to remember that a $2 trillion stimulus package has been agreed and should definitely help but the effects of the COVID-19 pandemic is yet to be finished.
The number of cases around the world keeps increasing and should reach about a million infected cases this week but on Sunday, the number of cases declined in the US, in Italy and many other countries around the world.
For now, the market is still in a bear trend and investors will be looking for a positive day to confirm the stock market rally of this week, should it happen.
Sensex crashed 1,375 points
The stock market in India ran riot today with the number of cases in India and around the world increase and along that, the number of foreign investors dumping stocks is weighing on investor sentiments in India.
The number of coronavirus cases in India went above 1,100 and as per government data, there more than 900 active cases while the number of deaths is 20. But so far 99 have been discharged from the hospitals.
The other benchmark, the Nifty, dropped 379 points and reached 8,281.
Oil reached the lowest level for 18 years
Brent crude fell on Monday to around $22.58 a barrel, which was the lowest level reached since November 2002.
The WTI - US West Texas Intermediate fell also, to reach under @20 a barrel, also close to an 18-year low.
It has been a rough few months for Oil as it lost more than half its value as companies are cutting off production or even closing it in some places.
On top of the cut, the oil war between the Saudis and the Russians hammered the price of oil considerably.
Financial Events to watch for today
14:30 Dallas Fed Mfg Business Index