- S&P 500 posts modest gains following Friday’s rally.
- Energy shares rise sharply higher on OPEC+ decision to extend output cuts.
- Underperforming technology shares weigh on Nasdaq Composite on Monday.
Wall Street’s main indexes started the new week on a mixed tone following last Friday’s impressive rally that was fueled by the impressive jobs report. As of writing, The Dow Jones Industrial Average was up 0.85%, the S&P 500 was gaining 0.45% at 3,207 points and the Nasdaq Composite was flat at 9,825 points.
The US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls (NFP) increased by 2.5 million in May to revive optimism around a sharp economic recovery in the second half of the year.
OPEC+ output cut extension lifts energy shares
Among the 11-major S&P 500 sectors, the Energy Index is up 2.9% on the day as the top-performer. Over the weekend, the OPEC and its allies (OPEC+) agreed to extend the oil output cuts of the current 9.7 million barrels per day (bpd) by one more month.
On the other hand, the Technology and the Communication Services indexes are both losing around 0.4% and making it difficult for the tech-sensitive Nasdaq Composite to gain traction.
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