U.S. stocks slumped before the start of one of the most uncertain earnings seasons on record as the coronavirus pandemic rattles the global economy.
After its best week since 1974, the S&P 500 Index dropped — with all of its major groups down on Monday. Oil fluctuated as investors weighed whether an unprecedented deal by the world’s biggest producers to cut output could stabilize the market. Treasuries and the dollar slipped.
With the coronavirus pandemic sowing chaos across the world, the investment community has been lost in a fog when it comes to corporate profits. As the earnings season kicks off this week, traders might get a sense of how bad the hit to global earnings could be as the outbreak upends the global economy.