Stock Futures Mixed as Oil Prices Spike

Oil prices are surging after an OPEC+ output cut

Deputy Editor
Apr 3, 2023 at 9:14 AM
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Dow Jones Industrial Average (DJI) futures are up 108 points this morning, while futures on the Nasdaq Composite Index (NDX) are moving in the opposite direction and S&P 500 Index (SPX) futures are marginally lower, just after all three major benchmarks turned in solid quarterly wins.

Oil futures are rising before the bell, following a surprise crude output cut from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC+).

Continue reading for more on today's market, including:

  • What to expect as the second quarter begins
  • Breaking down last week's top market headlines.
  • Plus, oil stock pops; Sunnova Energy scores bullish coverage; and WWE's merger news. 

futures Chart April 032023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.9 million call contracts and more than 2.2 million put contracts traded on Friday. The single-session equity put/call ratio and 21-day moving average rose to 1.12 and 0.79, respectively.
  2. Marathon Oil Corp (NYSE:MRO) is up 7.6% premarket, rising alongside other energy stocks following the aforementioned oil output cuts. Some analysts are warning that crude prices could hit $100 per barrel. Year-to-date, MRO is down 11.5%. 
  3. Sunnova Energy International Inc (NYSE:NOVA) is 6% higher in electronic trading, after Morgan Stanley initiated coverage of the solar energy concern  with an "overweight" rating. The analyst in coverage noted shares could more than double in value, which bodes well as they're 13.3% lower in 2023.
  4. World Wrestling Entertainment, Inc. (NYSE:WWE) agreed to be sold to UFC's parent company Endeavor Group (EDR) in a deal valued $21 billion, with a new publicly traded company now expected to form. Down nearly 6.6% before the bell, WWE sports a 46.2% year-over-year lead
  5. Today features ISM manufacturing data and construction spending.
Buzz 0403 

Investors Unpack Deluge of Asian Economic Data

Asian markets mostly rose on Monday, with the exception of South Korea’s Kospi, which finished the day with a 0.2% drop. Investors unpacked key economic data out of the region, as Japan’s purchasing managers’ index (PMI) climbed to 49.2 in March, above estimates of 47.7. South Korea’s PMI fell to 47.6, its steepest contraction in six months. China’s manufacturing PMI came in at 50 for last month, down from February and below the anticipated 51.7. Japan’s Nikkei added 0.5% for the day, while Hong Kong’s Hang Seng added 0.04%, and China’s Shanghai Composite tacked on 0.7%.

European markets are mixed midday, with oil stocks getting a boost from the rise in oil prices. London’s FTSE 100 is up 0.6% at last glance, while the French CAC 40 rises 0.4%. The German DAX, meanwhile, is down 0.08%.

 

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