US STOCKS-Wall Street set to dip as focus turns to earnings

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* Gilead gains on COVID-19 experimental drug update
* Energy stocks rise after OPEC+ agrees record output cut
* Futures off: Dow 0.28%, S&P 0.22%, Nasdaq 0.25%

(Adds quote, details; updates prices)
By Medha Singh
April 13 (Reuters) - Wall Street was set to open lower on
Monday after a strong rally last week, with investors bracing
for an expected slide in quarterly earnings and signs of the
lingering impact of the coronavirus outbreak on 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 halts global travel and sparks production
halts and mass furloughs.
Big U.S. banks JPMorgan Chase & Co JPM.N and Wells Fargo &
Co WFC.N will kick off the earnings season on Tuesday, and
analysts expect first-quarter earnings at S&P 500 firms to fall
9% compared with a Jan. 1 forecast of a 6.3% rise.
"We're bracing for one of the worst earnings seasons in
recent history," said Jesse Cohen, senior analyst at financial
markets platform Investing.com.
"The raft of stimulus from the Fed has distorted stock
prices, which have become disconnected from fundamentals.
Combined with the bleak second-quarter data expected to come
this month, there is definitely more room for downside."
U.S. jobless claims topped a staggering 16 million in the
three weeks to April 4 and economists expect job losses of up to
20 million this month as entire sectors shut down to try to
contain the pandemic.
U.S. health officials have reiterated calls to ramp up
testing for the coronavirus as the White House considers when
and how to lift stay-at-home restrictions. "It's becoming clear that reaching the virus crescendo does
not automatically translate into a timeline for when an economy
will re-open," said Marios Hadjikyriacos, investment analyst at
online broker XM in Cyprus.
At 9:06 a.m. ET, Dow e-minis 1YMcv1 were down 65 points,
or 0.28%. S&P 500 e-minis EScv1 were down 6.25 points, or
0.22% and Nasdaq 100 e-minis NQcv1 were down 20.75 points, or
0.25%.
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 2%, while Marathon Oil Corp MRO.N jumped 7.8% in
premarket trading.
Gilead Sciences Inc GILD.O gained 2.7% 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. Market participants expect a mixed session and thin trading
volumes, as European markets remained shut for Easter Monday and
with no major macroeconomic figures or earnings reports
scheduled to be released.