Wall Street starts quarter flat as oil renews inflation fear

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.