HomeFinancial MarketsNasdaq, S&P Futures Fall Following OPEC+ Output Cut

Nasdaq, S&P Futures Fall Following OPEC+ Output Cut

Futures listed on the Nasdaq 100 and the S&P 500 declined on Monday amid concerns regarding persisting inflation as well as the decision of Saudi Arabia and other OPEC+ oil producers to further reduce oil output by about 1.16 million barrels per day, thereby threatening oil price rises.

Nasdaq 100 e-minis were down 84.5 points, or 0.64% on Monday morning while S&P 500 e-minis were down 4 points, or 0.10%. Dow e-minis were up 119 points, or 0.36%.

“It can be expected to have an upwards impact on headline and core CPI,” Stuart Cole, head macroeconomist at Equiti Capital said of the resulting oil price hike. Cole added that the Fed’s interest rates could remain higher for longer as a result.

Oil rose by 5.4% on Monday, with energy firms such as Exxon Mobil Corp and Chevron Corp gaining over 3% during premarket trading as a result.

Investors now await an address by Federal Reserve Board Governor Lisa Cook, expected to be delivered late on Monday, along with S&P Global and ISM manufacturing PMI data which is also set to be released later in the day. The U.S. jobs report will be released later in the week.

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