US STOCKS-Wall St set to open lower as oil producers' talks fail

lunes 18 de abril de 2016 08:59 GYT
 

* Crude down more than 4 percent

* Morgan Stanley up after beating profit estimates

* Futures down: Dow 48 pts, S&P 6.5 pts, Nasdaq 12.5 pts (Adds details, comment, updates prices)

By Abhiram Nandakumar

April 18 (Reuters) - U.S. stocks were set to open lower on Monday as crude prices slipped after a much anticipated meeting of oil producers failed to result in a deal to freeze production.

Crude was down more than 4 percent after the failed talks in Doha renewed fears of an escalating battle for market share among the major producing countries and add to the stubborn global surplus.

Shares of Chevron were down 1.8 percent in premarket trading, while Exxon shed 1.6 percent.

A rebound in oil and signs that the U.S. economy was recovering had helped stocks rally from a steep selloff at the start of the year. The S&P 500 is now up about 1 percent in 2016, after falling as much as 10.5 percent earlier in the year.

"This is definitely negative news for the energy sector, but it seems the index can still hang on there," said Zhiwei Ren, managing director and portfolio manager at Penn Mutual Asset Management.   Continuación...