Wall Street starts quarter flat as oil renews inflation fear

❰

<p>A person walks in front of an electronic stock board showing Japan

PHOTO CREDIT: Eugene Hoshiko - staff, AP' src='https://biztimes.biz/wp-content/uploads/2023/04/642adaa849771.image_.jpg'/>

A person walks in front of an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm Monday, April 3, 2023, in Tokyo. Oil prices soared more than 5% after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. Shares in Asia were mixed on Monday and the dollar rose against the Japanese yen. (AP Photo/Eugene Hoshiko)

PHOTO CREDIT: Eugene Hoshiko - staff, AP

❱

Posted By: The Associated Press April 3, 2023

NEW YORK — Wall Street is starting the second quarter nearly flat as losses by utilities and the technology sector offset big gains in energy stocks.

The S&P 500 is down less than 0.1% and the Nasdaq is off 0.5% at the open today. The Dow Jones Industrial Average is up 0.3%.

Exxon and Chevron soared nearly 4% after Saudi Arabia and other major oil producers said they’ll cut production by 1.15 million barrels per day from May until the end of the year.

That sent oil up nearly 6% as of 8:35 a.m. CT.

Investors worry that higher prices for gas and other fuels could add to upward pressure on inflation.