Global stocks trade near record highs, but surging cases of COVID-19 in India and Japan hit oil

Global stocks trade near record highs, but surging cases of COVID-19 in India and Japan hit oil

Global stocks held near record highs on Monday, while oil prices fell in response to rising Covid-19 cases in key consuming countries and related concerns about economic recovery in Asia.

US futures held flat. Nasdaq futures were last down 0.09%, S&P 500 futures were up 0.01% and Dow Jones futures were up 0.12%.

US investors are expecting a flurry of earnings and economic policy announcements this week. Federal Reserve Chairman Jerome Powell is due to give a press conference on Wednesday when the central bank concludes a two-day monetary policy meeting. Economists are not expecting significant changes, but investors will nonetheless scour every word for insight into the likely path of interest rates.

"The April FOMC meeting should primarily serve as a barometer check of the economic recovery relative to the substantial forecast upgrades the Committee unveiled at their last meeting in March." Stephen Innes, chief global market strategist at Axi said. "He's likely to continue his subtle shift in tone about the outlook in a more promising direction," Innes added.

President Joe Biden will be delivering his first speech in a joint congressional session on Wednesday, where he will likely shed further light on his infrastructure spending plans. Investors will also get the