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Top 5 Things to Know in the Market on Monday

Investing.com - Here are the top five things you need to know in financial markets on Monday, April 22:

1. Oil jumps as U.S. set to announce end to Iran waivers

Oil soared more than 2% on Monday as media reports suggested that the U.S. was preparing to announce an end to waivers that allow some countries to purchase Iranian oil despite sanctions.

The U.S. had granted waivers to eight countries that purchase Iranian oil, giving them clearance to make limited purchases for an extended six month period. Iran's biggest oil customers are China and India, who had both been lobbying for extensions to sanction waivers.

At 5:40 AM ET (9:40 GMT), U.S. crude oil futures gained $1.48, or 2.3%, to $65.55, while Brent oil rose $1.81, or 2.5%, to $73.78.

2. Halliburton, Whirlpool, Kimberly Clark kick off busy week in U.S. earnings

Halliburton (NYSE:HAL) and Kimberly-Clark (NYSE:KMB) are to release earnings report ahead of the open, while Whirlpool (NYSE:WHR) is to report after the close, at the start of what will be one of the busiest weeks in the first-quarter reporting season.

Lockheed Martin (NYSE:LMT), Coca-Cola (NYSE:KO), eBay (NASDAQ:EBAY), Boeing (NYSE:BA), Caterpillar (NYSE:CAT), Chipotle (NYSE:CMG), Microsoft (NASDAQ:MSFT), Visa (NYSE:V), Intel (NASDAQ:INTC) and Starbucks (NASDAQ:SBUX) will be among the week’s highlights.

Out of the 79 S&P 500 companies that had reported earnings as of last week, 77% had topped profit estimates on 5.6% growth, while 53% beat consensus forecasts for sales on 3.1% growth, according to The Earnings Scout.

Read more: Can Earnings Push Stocks To New Highs? 4 Red Flags To Watch - Pinchas Cohen

3. U.S. futures lower

U.S. futures pointed to a lower open on Monday in what may be a slow start to the week as traders drift back to their desks after the Easter holiday. Most major European stock markets were closed to celebrate Easter Monday.

Dow futures fell 62 points, or 0.25% by 5.40 AM ET, while S&P 500 futures traded down 8 points, or 0.3% and the Nasdaq 100 futures declined 26 points, or 0.3%.

Asian shares ended Monday mostly lower, led by a slide in Chinese stocks which retreated from a 13-month high as comments from top policy-making bodies raised concerns that Beijing will slow the pace of policy easing after some signs of stabilization in the world's second-largest economy.

4. Existing homes sales, U.S. business activity on the calendar

On the economic calendar, attention will turn to the state of the U.S. real estate market as the National Association of Realtors releases March existing home sales at 10:00 AM ET (14:00 GMT).

Economists forecast a 2.3% decline after existing home sales surged 11.8% in February.

IHS Markit will also release its preliminary reading for the composite purchasing managers’ index, which measures activity in the manufacturing and services sectors, for April at 9:45 AM ET (13:45 GMT).

5. U.S. Dollar dips, Treasury yields steady

The U.S. dollar edged lower against the other major currencies in holiday-thinned trade, while the Canadian dollar moved higher, boosted by the spike in crude oil prices.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last down 0.14% at 97.01.

The 10-year Treasury yield was steady, ticking up to 2.57% ahead of 3- and 6-month bill auctions scheduled for 11:30 AM ET (15:30 GMT).

-- Reuters contributed to this report.

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