On tap this week are earnings from a broad swath of Corporate America, including AT&T, Coca-Cola, IBM, J&J, Netflix and Lockheed Martin. Just one week into the season, companies are already beating estimates by a wide margin of more than 84%, according to Refinitiv, which projects Q1 earnings growth will surge 24% from a year earlier. Particular attention this time around will also center around margins. Those will determine whether rising costs are pressuring profits or suggest a buildup of inflation in the economy, but could also signal whether supply chain shortages are affecting companies' bottom lines. The impacts from the reopening theme are also likely to show up in reports, while stock buybacks are set to soar with many U.S. corporations sitting on a cash hoard.

Ant Group is exploring options for founder Jack Ma to divest his stake in the fintech giant and give up control, Reuters reported, citing meetings with Chinese regulators. The decision would help draw a line under Beijing's scrutiny of the business after it pulled Ant's listing in November, which was set to be the world's largest IPO. Ant denies that a divestment of Ma's stake has ever been under consideration, but then again, a lot of things related to the crackdown on Ant has been happening behind closed doors.  Ma's fight with Chinese authorities is another example of the escalating tensions between the state and China's private sector as President Xi exerts tighter control over the economy.

The unprecedented build-up of oil inventories during Covid-19 lockdowns last year is almost gone. While the amount of stored oil moves close to its five-year average, the outlook still remains uncertain. OPEC and its allies are looking to revive some halted supplies and there are concerns about a surge in U.S. production. There are also worries about the demand outlook, with the worsening Covid situation in India, a key crude importer, keeping a lid on prices today.