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8:12 am: Caterpillar shares slide after BofA downgrade
An analyst at BofA Securities downgraded Caterpillar to underperform from neutral, citing the construction giant's exposure to the energy sector. "CAT derives only 10% of revenue directly from oil and gas, but its Construction and Mining products touch the energy sector in many places too," analyst Ross Gilardi said in a note to clients. Caterpillar's stock dropped more than 2% in the permarket after Gilardi's downgrade. — Imbert, Bloom
8:08 am: Global coronavirus cases near 2 million, but deaths decline in Spain
There are now more than 1.8 million confirmed cases of Covid-19 around the world, including more than 557,590 in the United States. However, Spain — one of Europe's hardest hit countries — reported improving numbers. The country reported 517 deaths in one day, down from 619 previously. Spain has lifted some of its lockdown measures, sending construction and factory workers back to work. — Pound
7:39 am: Stocks set to open lower
U.S. stock index futures pointed to losses at the open as markets struggled to hold onto last week's gains. The Dow Jones Industrial Average was set to open 133 points lower for a loss of 0.56%, while the S&P 500 and Nasdaq-100 were slated to drop 0.6% and 0.4%, respectively. Earlier in the session stock futures had been positive following a historic agreement between OPEC and its oil-producing allies to take 9.7 million barrels per day off the market. Oil was trading flat.
The S&P 500 is coming off its best week since 1974 as investors cheered an apparent improvement in the U.S.' coronavirus outlook along with massive stimulus measures from the Federal Reserve. Small cap stocks outperformed the broader market last week with the Russell 2000 rising 18.5% for its best week ever. But the S&P 500 is still 18% below its February all-time high, however, while the Dow is roughly 20% below its peak. – Stevens
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Source: cnbc.com