The Dow Jones index advanced by 0.98% but the Nasdaq, with a strong technological color, gave up 0.48% while the broader S&P 500 index gained 0.25% around 14:10 GMT.

On Friday, Wall Street ended a turbulent quarter in the green. The Nasdaq had gained 1.74%, the Dow Jones index 1.26% and the S&P 500 1.44%.

Over the quarter, which in March saw a mini-bank run among regional banks and a further Fed rate hike, the broader S&P 500 index, the most representative of the market, rose 6.7% and the Nasdaq jumped more than 16%. The Dow Jones is back to its level at the beginning of the year

On Monday, oil prices climbed more than 6.50% after the surprise announcement Sunday by several major exporting countries of a reduction, as early as May, of their production.

The decline will exceed one million barrels per day (bpd), the largest reduction since October.

"The jump in oil prices is dampening risk appetite" in markets and "is already causing concerns about inflation," said Joe Manimbo of Convera Financial Services.

More expensive oil also complicates the task of the US Federal Reserve (Fed) which has drastically raised interest rates to curb inflation that remains tenacious.

The Fed aims to reduce the price increase to 2% but the latest PCE index, the preferred gauge of the monetary institution published Friday, was still posted at 5% year on year in February.

The White House did not like the announcement by Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Iraq.

"It is not appropriate to reduce production at this time given the uncertainties in the market," a spokesman for the White House National Security Council said Monday. "We will continue to work with all producers (...) to ensure that energy markets support economic growth and that prices remain low for U.S. consumers," he added.

On the stock market, oil stocks benefited from the situation. The energy sector led the eleven sectors of the S&P, jumping 5.32% which supported the Dow Jones higher.

Oil services groups posted the best performance such as Halliburton or Schlumberger, which climbed more than 8% as did ConocoPhilips. Exxon Mobil gained more than 5% and Chevron nearly 4% around 13:50 GMT.

Tesla shares fell 4.42% to $ 198 despite an increase in the number of its vehicles delivered in the first quarter, a progress recorded mainly thanks to price reductions of the electric manufacturer.

In the ring, the professional wrestling line WWC (World Wrestling Entertainment, WWE) took badly (-4.65%) its announced merger with the Ultimate Fighting Championship (UFC).

The entertainment juggernaut Endeavor (-0.38%), owner of the UFC, will hold a majority stake of 51% in the new entity that will be listed on the New York Stock Exchange in the second half of the year. It is valued at more than $21 billion.

The first week of the quarter was a shortened week, with markets closed on Good Friday, however an important indicator will dictate investors' positions.

On Friday, the Labor Department will release official U.S. employment figures for March. Analysts expect a slight reduction in job creation to 239,000, a figure that remains solid while the unemployment rate is expected to remain stable at 3.6%, still near its all-time low.

© 2023 AFP