Stock futures were mixed as investors saw oil prices rise


Stock futures were mixed as investors saw oil prices rise

Stock futures were little changed as investors appreciated a sharp advance in oil prices that sent the S&P 500 higher to start the new trading month.

Futures tied to the Dow Jones advanced 16 points, or less than 0.1%. S&P 500 futures and Nasdaq-100 futures also posted marginal gains.

The Dow and S&P 500 advanced on Monday for a fourth day, advancing nearly 1% and 0.5%, respectively. The Nasdaq, meanwhile, retreated 0.4%.

Traders continued to monitor movements in the energy market. West Texas Intermediate futures advanced 0.6%, based on its biggest daily gain in nearly a year. Crude oil prices rose earlier in the week after OPEC+ said it cut oil production by 1.17 million daily barrels.

With the world experiencing “clean and green energy,” OPEC+ is aware that it is still very valuable “liquid gold” will eventually lose its growing momentum.

European markets opened moderately higher, dispelling concerns about rising oil prices after a surprise production cut by the OPEC+ alliance.

The pan-European Stoxx 600 index advanced 0.42% in early trade, with all major stocks and sectors trading in the green. Mining stocks advanced 1.22%, followed by banking stocks, which advanced 0.82%. Oil and gas stocks advanced by 0.42%.

Reserve Bank of Australia kept its benchmark interest rate at 3.62%

The decision to keep interest rates steady this month gives the board more time to consider the state of the economy and opportunities in an environment of considerable uncertainty.

Treasury yields increased along the curve, with the policy-sensitive two-year rate rising 3 basis points. Australia’s policy-sensitive three-year government bond yield retreated about eight basis points after the central bank stopped its nearly year-long tightening cycle amid signs of retreating inflation and a volatile economic outlook.

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