Futures are lower

Futures dipped before the opening bell on Monday following a week in which stocks hit the highest levels of 2016.

Near 8:10 a.m. ET, Dow futures were down 62 points, S&P 500 futures were down 8 points, and Nasdaq futures were down 17 points — all by roughly 0.4%.

Crude oil was the big story of the weekend. A meeting of major producers in Doha ended without an agreement to freeze production levels.

This outcome was widely expected, after Saudi Arabia said it would not make a deal without Iran’s involvement.

Crude oil futures in New York fell about 7% right out of the gate when trading started on Sunday. Before the market open, West Texas Intermediate crude had rebounded and was down 4%, near $39.95 per barrel.

In earnings, Morgan Stanley reported a beat on earnings per share but a 54% plunge in net income. All the big banks that have reported first-quarter results have topped forecasts, which probably indicates that expectations were set really low, as usual.

IBM, Netflix and L’Oreal are set to report earnings after the market close.

In economic data, homebuilder sentiment from the National Association of Homebuilders will be released at 10 a.m. ET. You can read our full preview of the rest of the week here.

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