US stocks down 200 points after historic oil production cut

U.S. stock futures were down on Monday morning after OPEC and other oil-producing countries reached a deal on a massive production cut as investors continued to digest the impact of the coronavirus.

Dow Jones Industrial Average futures pointed to an opening loss of around 130 points. S&P 500 and Nasdaq 100 futures also indicated opening declines for the two indexes.

Oil prices had fallen more than 40 percent since early March after Saudi Arabia-led OPEC and Russia failed to reach a deal as the coronavirus pandemic dampened global economic prospects.

Sunday’s moves come after the U.S. stock market enjoyed one of its best weeks ever.

The Dow posted its seventh-best weekly performance, rallying 12.7 percent. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1 percent.

Wall Street’s strong weekly gains came  as result of an apparent improvement in the U.S. coronavirus outlook along with massive stimulus from the Federal Reserve.