U.S. stocks pulled back from 2016 highs after a recent rally spurred by a weakening dollar and stabilizing oil prices. Commodities prices slipped, a negative for several energy and materials shares. Mining company Freeport-McMoRan fell 4.4%, while aluminium producer Alcoa dropped 2.5%. In commodities, U.S. crude oil prices fell 3% to $35.71 a barrel. Investors remain sceptical that a global agreement on oil output levels will be reached in Doha on April 17, after Saudi Arabia on Friday said it would only freeze production if Iran did too. Investors are now gearing up for first-quarter earnings season. Analysts have lowered their forecasts for S&P 500 earnings, which some say could be a damper on the recent rally.
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