US stocks open lower following their biggest week since 1974

Stocks are opening lower on Wall Street following the biggest week for the market since 1974. The S&P 500 fell 1% in early trading Monday. It had surged 12% last week. The price of oil rose after major oil producers agreed to cut output as demand craters because of the slowdowns caused by the global coronavirus pandemic. European markets were closed for a holiday and Asian markets ended mostly lower. Major banks will be the first U.S. companies to report their first-quarter earnings this week, and investors will be watching closely for what they say about how the coronavirus is impacting their business.