Live updates: OPEC and allies agree to restore oil production until 2022

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Here’s what you need to know to navigate the markets today.

• US stocks are expected to open slightly lower on Monday. As of Sunday evening, Dow Jones Industrial Average futures fell 71 points, or 0.21%, while S&P 500 futures fell 0.14% and Nasdaq Composite futures fell 0.06%. This week’s earnings include:

IBM,

JB Hunt Transport Services,

Logitech,

Tractor supply,

and

Steel dynamics

Monday;

Netflix,

Mexican Grill Chipotle,

KeyCorp,

and United Airlines Tuesday;

Verizon,

Coke,

Johnson & johnson,

Verizon Communications and

Texas instruments

Wednesday; and

AT&T,

Intelligence,

Twitter,

American Airlines,

and

Southwest Airlines

Thursday; and

American Express,

Kimberly Clark,

Honeywell International

and

Schlumberger

Friday. Some notable economic events this week include: National Association of Home Builders Releases NAHB /

Wells fargo

Housing Market Index for July Monday, the Census Bureau released new home construction data for June on Tuesday. On Thursday, the National Association of Realtors releases existing home sales for June and the Conference Board releases its leading economic index for June.

• OPEC and its Russian-led oil-producing allies agreed on Sunday to reinstate all production cuts they made at the start of the pandemic, increasing production by 400,000 barrels per day each month until the end of the pandemic. end of 2022, reported the Wall Street Journal. The Organization of the Petroleum Exporting Countries and a group of large Russian-led producers, collectively known as OPEC +, have agreed to release oil in modest installments over the coming months starting in August, sign that the pace of the global economic recovery remains uncertain. While much of the developing world is still battling coronavirus outbreaks, wealthier countries, including the United States and parts of Europe, have seen a rapid recovery in economic activity and demand growing crude oil, as well as price increases, shortages and bottlenecks. OPEC said last week it expects the global appetite for crude to increase by 3.3 million barrels per day to average 99.9 million barrels per day next year. , roughly the same level of demand before the pandemic. The group will reassess market conditions in December.

• The $ 1.2 trillion bipartite infrastructure deal no longer includes revenues from increased tax enforcement by the Internal Revenue Service, Sen. Rob Portman (R., Ohio) confirmed to CNN on Sunday. He is one of the main negotiators of the legislation being drafted by Republicans and Democrats. When CNN’s Dana Bash asked him about Republicans against the idea of ​​improving IRS enforcement, he said, “One of the reasons it’s not part of the proposal is that we had a setback. Another reason is that we found out the Democrats were going to put a proposal in the reconciliation package that was not only similar to the one we had, but with a lot more IRS enforcement. Democrat lawmakers draft separate $ 3.5 trillion bill that includes spending on education, child care, child tax credits, paid family and medical leave, and other programs social. Later on the same show, Senator Amy Klobuchar (D., Minn.) Said the reconciliation bill could include “electoral infrastructure” proposals, such as “incentives for states to register. the same day, to do the postal mail “. ballot. ”

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