US STOCKS-Futures fall as focus turns to corporate earnings

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Gilead gains on COVID-19 experimental drug update
* Energy stocks rise after OPEC+ agrees record output cut
* Futures off: Dow 0.76%, S&P 0.69%, Nasdaq 0.56%

(Adds quote, details; updates prices)
By Medha Singh
April 13 (Reuters) - U.S. stock index futures retreated on
Monday after a strong rally last week, with investors bracing
for the first-quarter earnings season to underline the
coronavirus-induced damage to Corporate America.
The S&P 500 .SPX ended a holiday-shortened week on
Thursday with its biggest weekly percentage gain in more than
four decades as the Federal Reserve rolled out trillions of more
dollars to backstop businesses.
But the benchmark index remains about 17% below its
mid-February record high amid fears of a deep global recession,
as the health crisis sparks production halts and mass furloughs.
JPMorgan Chase & Co JPM.N and Wells Fargo & Co WFC.N
will kick off the earnings season on Tuesday, with analysts
expecting first-quarter earnings at S&P 500 firms to fall 9%
compared with a Jan. 1 forecast of a 6.3% rise, according to
IBES data from Refinitiv.
"It's definitely going to be ugly across all sectors, but
markets have already priced in a large chunk of this," said
Hussein Sayed, chief market strategist at FXTM.
"Now the question becomes are we witnessing a new bull
market or is there still more pain ahead before the rally
becomes sustainable?"
With U.S. jobless claims topping a staggering 16 million in
the three weeks to April 4 and 42 states imposing strict
stay-at-home orders, investors will also be watching for
comments about the economic hit beyond the second quarter.
At 7:46 a.m. ET, Dow e-minis 1YMcv1 were down 179 points,
or 0.76%, S&P 500 e-minis EScv1 were down 19.25 points, or
0.69% and Nasdaq 100 e-minis NQcv1 were down 46 points, or
0.56%.
Over the weekend, major oil producers agreed to their
biggest-ever output cut, but crude prices were subdued on
concerns even that would not be enough to head off oversupply
with the coronavirus outbreak hammering demand. O/R
Exxon Mobil Corp XOM.N and Chevron Corp CVX.N rose more
than 1%, while Apache Corp APA.N jumped 7% in premarket
trading.
Gilead Sciences Inc GILD.O rose 3% after latest data
showed an improvement in the condition of more than two-thirds
of severely ill COVID-19 patients following treatment with the
drugmaker's experimental drug.