- Wall Street turns cautious as focus shifts first quarter earnings.
- Energy shares post gains on OPEC+ output cut deal.
Major equity indexes opened lower on Monday after registering strong gains in the previous week as investors seem to be moving to the sidelines while waiting for first-quarter earnings figures. As of writing, the Dow Jones Industrial Average and the S&P 500 were both down 0.8% on the day while the Nasdaq Composite was erasing 0.55%.
Eyes on Q1 earnings
Among the 11 major S&P 500 sectors, the Financials Index is down 2.5% on the day before JPMorgan Chase & Co’sWells Fargo & Co’s kicks of the Q1 earnings season on Tuesday.
On the other hand, the 9.7 million barrels per day output cut deal reached with OPEC+ and other producers seems to be helping the Energy Index, which is up 1.4% as the only major sector in the positive territory.
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