Jun E-mini S&Ps (ESM17 -0.13%) this morning are down -0.16% and European stocks are down -0.40% as a slide in crude oil prices undercuts energy producing stocks. Apr WTI crude oil (CLJ17 -1.25%) is down -1.25% on negative carry-over from Friday’s data from Baker Hughes that showed active U.S. oil rigs rose 14 to 631, the most in 17-3/4 months. Also, weakness in European bank stocks pressured the overall market, with Deutsche Bank AG down nearly 2%, after it said that it expects revenue to stay “broadly flat” this year. The outcome of the G-20 meeting in Germany contained no market-moving revelations, although the dollar index dropped to a 1-1/4 month low on concern the Trump administration may desire to pursue new trading terms with other countries after the G-20 statement omitted a reference from its last meeting in July to resist all forms of protectionism. The weak dollar also boosted gold prices with Apr COMEX gold (GCJ17 +0.12%) up +0.21% at a 2-week high. Asian stocks settled mixed: Japan closed for holiday, Hong Kong +0.79%, China +0.41%, Taiwan +0.04%, Australia -0.36%, Singapore -0.12%, South Korea -0.39%, India -0.44%.

The dollar index (DXY00 -0.05%) is down -0.10% at a 1-1/4 month low. EUR/USD (^EURUSD) is up +0.21%. USD/JPY (^USDJPY) is up +0.04%.

Jun 10-year T-note prices (ZNM17 -0.05%) are up +1 tick at a 2-week high.

The communique from the G-20 meeting in Baden-Baden, Germany said that “we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.” The statement added that “an increase in trade protectionism is a key downside risk for the global economy.” The statement also omitted a pledge from the July 2016 meeting that promised to “resist all forms of protectionism.”

Key U.S. news today includes: (1) Feb Chicago Fed national activity index (expected +0.08 to 0.03, Jan -0.23 to -0.05), (2) Chicago Fed President Charles Evans (voter) speaks about current economic conditions and monetary policy at a National Association for Business Economics (NABE) luncheon in New York, (3) USDA weekly grain export inspections.

Notable Russell 3000 earnings reports today include: Movado Group (consensus $ 0.23), Destination XL (-0.02), Jamba (-0.011), RH (0.65), Shenandoa Telecom (-0.06).

U.S. IPO’s scheduled to price today: none.

Equity conferences: BioTechnology Industry Organization Europe Spring Conference on Mon, Capital Link International Shipping Forum on Mon, Macquarie Group Ltd Consumer Conference on Mon, Morgan Stanley European Financials Conference on Tue, Consumer Analyst Group of Europe (CAGE) Conference on Mon-Wed, Bank of America Merrill Lynch Asia Pacific Telecom, Media & Technology Conference on Tue, Bank of America Merrill Lynch Global Industrials Conference on Tue-Wed, Oppenheimer Global Health Care Conference on Tue-Wed, Evercore ISI Retail Summit on Wed, Gabelli & Company Specialty Chemicals Conference on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Thu.

Stifel Financial (SF -2.04%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.

Tiffany (TIF +2.71%) was upgraded to ‘Outperform’ from ‘Market Perform’ at William Blair & Co.

Sunoco LP (SUN +0.33%) was downgraded to ‘Equal-Weight’ from ‘Overweight’ at Stephens.

Ingersoll-Rand PLC (IR +0.55%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Wells Fargo Securities with a price target of $ 86.

Bunge (BG +0.22%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.

Illumina (ILMN +0.60%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Leerink Partners LLC with a price target of $ 195.

Nimble Storage (NMBL -0.64%) was downgraded to ‘Hold’ from ‘Buy’ at Needham & Co.

Alaska Air Group (ALK -0.83%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel with a price target of $ 145.

Snap (SNAP -1.76%) was rated a new ‘Buy’ at Monness Crespi with a price target of $ 25.

Apollo Global Management LLC (APO -0.82%) climbed 2% in after-hours trading after Tiger Global Management LLC reported a 7% passive stake in the company.

ViewRay (VRAY -3.53%) slid 3% in after-hours trading after it filed a 10.3 million share prospectus that were sold to accredited investors in a private placement.

Jun E-mini S&Ps (ESM17 -0.13%) this morning are down -3.75 points (-0.16%). Friday’s closes: S&P 500 -0.13%, Dow Jones -0.10%, Nasdaq -0.06%. The S&P 500 on Friday closed lower on the U.S. Feb industrial production of unchanged m/m, which was weaker than expectations of +0.2% m/m. There was also weakness in financial stocks that gave back some of their sharp gains from earlier in the week. Stocks founds support on the +1.3-point increase in the U.S. Mar University of Michigan consumer sentiment to 97.6, stronger than expectations of +0.7 to 97.0.

Jun 10-year T-notes (ZNM17 -0.05%) this morning are up +1 tick at a fresh 2-week high. Friday’s closes: TYM7 +5.00, FVM7 +2.00. Jun 10-year T-notes on Friday matched Thursday’s 2-week high and closed higher on increased safe-haven demand with the mildly lower close in stocks and on comments from Minneapolis Fed President Neel Kashkari who said he dissented on Wednesday’s FOMC vote to raise interest rates because the job market suggests that labor slack remains and that the Fed keeps getting its inflation forecasts too high.

The dollar index (DXY00 -0.05%) this morning is down -0.10 (-0.10%) at a new 1-1/4 month low. EUR/USD (^EURUSD) is up +0.0023 (+0.21%) and USD/JPY (^USDJPY) is up +0.05 (+0.04%). Friday’s closes: Dollar index -0.06 (-0.06%), EUR/USD -0.0028 (-0.26%), USD/JPY -0.61 (-0.54%). The dollar index on Friday posted a fresh 1-1/4 month low and closed lower on weakness in stocks that boosted the safe-haven demand for the yen as USD/JPY fell to a 2-week low. There were also reduced inflation expectations that may prompt the Fed to delay rate hikes after the U.S. Mar University of Michigan long-term inflation expectations fell to 2.2%, the lowest since the data series began in 1979.

Apr WTI crude oil prices (CLJ17 -1.25%) this morning are down -61 cents (-1.25%) and Apr gasoline (RBJ17 -0.36%) is -0.0078 (-0.49%). Friday’s closes: Apr crude +0.03 (+0.06%), Apr gasoline +0.0047 (+0.29%). Apr crude oil and gasoline on Friday closed higher on the fall in the dollar index to a 1-1/4 month low and on comments from Saudi Arabian Energy Minister Khalid Al-Falih who said Saudi Arabia is prepared to extend crude production cuts into the second half of this year if global stockpiles remain above the 5-year average. Gains were limited after data from Baker Hughes showed U.S. active oil rigs in the week ended Mar 17 rose 14 to 631, the most in 17-3/4 months.