Alli McCartney of UBS Private Wealth Management and Samantha Azzarello of JP Morgan Asset Management join "Squawk on the Street" to discuss the state of the markets and the economic outlook. Stocks fell on Monday, giving back some of the sharp gains from the previous week, as investors continued to weigh the coronavirus outlook along with a historic oil production cut.
The Dow Jones Industrial Average slid 600 points, or 2.6%. The S&P 500 fell 2.5% while the Nasdaq Composite pulled back 1.4%.
Caterpillar was the worst-performing stock in the Dow, falling more than 8%. The stock was pushed lower by a downgrade from a Bank of America analyst. Financials and real estate led the S&P 500 lower, with both sectors trading more than 3.5% lower.
The U.S. stock market had one of its biggest weekly gains ever last week. The Dow posted its seventh-best weekly performance, rallying 12.7%. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1%.
Wall Street’s strong weekly gains came in large part because of an apparent improvement in the U.S. coronavirus outlook along with massive stimulus from the Federal Reserve.
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