Updated from 6:02 a.m. EDT
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Here are five things you must know for Monday, March 27:
1. -- U.S. stock futures were pointing to sharp drops for Wall Street when markets open Monday following the Trump administration's failure last week to push through a health care bill.
European and Asian stocks were tumbling Monday and the dollar stumbled to a four-month low. The dollar index, a measure of the greenback's strength against a basket of six global currencies, fell to 99.12, down 0.3%. Earlier in the session, the index touched 98.85, the lowest level since after Donald Trump's election as U.S. president in November.
Gold prices rose 0.7% early Monday to $1,260.20 an ounce, the highest since Feb. 24, as the dollar declined.
The S&P 500 and Dow Jones IndustrialAverage finished lower on Friday after leaders in the House of Representatives pulled the unpopular health care bill before a crucial vote. Republican leaders pulled their bill to repeal "Obamacare" off the House floor Friday when it became clear it would fail.
The passage of the bill was seen by Wall Street as a test as to whether a Trump administration can enact all it has promised, particularly tax cuts and regulatory reform.
"Beyond the impact on health care, the vote had been seen as a test to the self-proclaimed deal-maker and the new administration's abilities to also deliver other promises, including tax and infrastructure policies," Jingyi Pan, a market strategist at IG in Singapore, told the Associated Press.
There is very little data expected on the U.S. economic calendar for Monday but two Federal Reserve officials -- Chicago Fed President Charles Evans and Dallas Fed President Dennis Kaplan -- have planned speaking engagements.
Earnings are expected Monday from Cal-Maine Foods (CALM) - Get Cal-Maine Foods, Inc. Report , Digital Ally (DGLY) - Get Digital Ally, Inc. Report , G-III Apparel (GIII) - Get G-III Apparel Group, Ltd. Report and Red Hat (RHT) - Get Red Hat, Inc. Report .
2. -- Advertisers are demanding prime space at discounted prices from Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report Google, after this month's revelation that many brands had appeared next to extremist content on Google's YouTube, the Financial Times reported.
Rob Norman, chief digital officer for Group M, one of the world's biggest media buyers and part of the WPP Group, told the FT he has been in "constant dialogue with Google" suggesting "a range of actions they may take to give greater comfort and security" to advertisers. Norman said this included reduced rates for premium advertising inventory in order to give brands greater protection and avoid them appearing next to inappropriate, or extremist, content on YouTube, the FT reported.
Google declined to comment.
A growing list of top U.S. and U.K. advertisers have scaled back their advertising withGoogle as the Internet giant faces growing pushback from brands concerned their ads will appear alongside offensive or controversial videos.
Coca-Cola, Pepsi, Walmart and Dish Network announced on Friday they would be following a slew of other major companies in the U.S. and U.K. that have suspended their advertising on YouTube after it was discovered that their advertisements were appearing alongside offensive or controversial videos, some of which was published by the Ku Klux Klan and others supporting terrorism.
Alphabet shares fell 0.8% in premarket trading on Monday.
Dubai's Emaar Malls, the shopping center unit of Dubai's largest publicly traded property developer, said Monday it had bid $800 million for Souq.com. The offer comes as the property developer tries to align e-commerce with physical shopping, Emaar said in a disclosure on the Dubai Stock Exchange.
The bid still hasn't been accepted by the shareholders of Souq.com, the company said.
Dubai-based Souq.com is the largest online retailer in the Arab world, operating in English and Arabic. The site delivers to the United Arab Emirates, Saudi Arabia, Egypt, Bahrain, Oman and Qatar.
Amazon offered to acquire Souq.com last week, sources told TechCrunch. Goldman Sachs is reported to have helped Amazon put together a bid of between $650 million and $750 million.
4. -- A Chinese court overturned a ruling against Apple (AAPL) - Get Apple Inc. (AAPL) Report over iPhone patents, saying the iPhone 6 and iPhone 6 Plus don't infringe on patents for exterior smartphone design held by a defunct local manufacturer, Shenzhen Baili Marketing Services Co., The Wall Street Journal reported.
The court found Baili had no grounds to claim the exterior designs were exclusive, and that it was easy for consumers to detect the differences, according to the verdict reported by a newspaper supervised by China's Supreme People's Court, the Journal reported.
"Baili has been trying to claim our work as their own and we thank the Beijing IP Court for recognizing the value of Apple's unique and innovative design," an Apple spokeswoman said in a statement.
The stock declined 0.7% in premarket trading to $139.72.
5. -- A joint committee of ministers from OPEC and non-OPEC oil producers agreed to review whether a global agreement to reduce output should be extended by six months, the committee said in a statement, Reuters reported.
An earlier draft of the statement had said the committee "reports high level of conformity and recommends six-month extension."
But the final version said only that the committee had requested a technical group and for the OPEC Secretariat to "review the oil market conditions and revert ... in April, 2017 regarding the extension of the voluntary production adjustments," according to Reuters.
The lack of an immediate extension, analysts believe, could drag on crude prices. Early Monday, oil prices in the U.S. fell 0.75% to $47.61 a barrel.