U.S. stocks are under pressure on Monday led by falling crude oil prices which fell over 5 percent after an oil meeting in Doha Qatar on Sunday failed to produce an agreement about freezing oil production at January levels while key differences remain on the table between OPEC members Iran and Saudi Arabia.
The U.S. dollar dropped close to an 18 month low against the Japanese yen on Monday.
Earnings season is underway this week.
Today several Fed Reserve committee members will be giving speeches.
The economic data is light this week but next week the calendar is full and attention will shift to a meeting at the Federal Reserve where policymakers will decide about raising interest rates.
Most economists don’t believe that an interest rate hike will occur at the April meeting.
Tomorrow housing starts and building permits for March will be reported.
On Wednesday existing home sales for March comes into focus alongside crude inventories.
On Thursday Leading Indicators, data from Philadelphia Fed, weekly initial jobless claims is expected to move the market.
Full U.S. Economic Calendar This Week
Monday- NAHB Housing Market Index (March)
Tuesday- Building Permits (March), Housing Starts (March)
Wednesday- Existing Home Sales (March), Crude Inventories (4/16), MBA Mortgage Index (4/16)
Thursday- Initial and Continuing Jobless Claims, Philadelphia Fed (April), Leading Indicators (March), FHFA Housing Price Index (Feb.), Natural Gas Inventories (4/16)