US STOCKS-Wall St to dip at the open after weekly gains; volatility eyed
* Brent, WTI prices fall again after Saudi comment on supply
* Gilead Pharma shares fall premarket
* Futures off: Dow 4 pts, S&P 1 pts, Nasdaq 2 pts (Updates prices, adds comment)
By Rodrigo Campos
NEW YORK, March 23 (Reuters) - U.S. stocks were set to dip at the open on Monday following strong gains in major indexes the previous week, as investors assessed gyrations in the dollar and crude prices and their impact on equities.
Traders will likely keep an eye on the robust U.S. dollar as the Federal Reserve is seen tightening monetary policy some time later this year, diverging from most major central banks which are easing policy. The 20-day correlation between the dollar index and S&P 500 e-mini futures sits at -0.8. The dollar index was down 0.5 percent on the day.
The surging dollar is one of the biggest headwinds to the earnings of multinational U.S. corporations. Some analysts are concerned about a possible earnings recession.
"The market has been in a back and forth motion for the last couple of weeks, caught between the potential for rising interest rates and its impact on the dollar and the feeling by investors that the economy is gaining some strength," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
He said equity traders were "maybe a little bit too focused" on the daily dollar moves and the impact of a stronger greenback on earnings was not entirely clear. Continuación...