U.S. equity futures were mixed on Monday morning after a broad-based rally last week that pushed the S&P 500 to its best week since March, and its highest level since last August.
Futures tied to the Dow Jones Industrial Average added 29 points, or 0.09%. S&P 500 futures were 0.07% lower and Nasdaq-100 futures dipped 0.3%.
Oil prices briefly climbed more than 2% after Saudi Arabia announced it would further cut output by 1 million barrels per day starting in July. The news followed a meeting of OPEC and its allies, during which the group decided to stick to existing 2023 production targets. The jump in crude prices faded Sunday evening, with both Brent and U.S. West Texas Intermediate futures last trading about 1% higher.
On Friday, stocks rallied to end the week following strong jobs data for the month of May. The Dowjumped 701.19 points, or 2.12%, for its best day since January, ending the week at 33,762.76. The S&P 500 rose 1.45% to 4,282.37, while the Nasdaq Composite climbed 1.07% to 13,240.77 and posted its sixth straight weekly advance.
Over the weekend, President Joe Biden signed the debt ceiling bill into law, averting a potentially catastrophic default by the U.S. government.
Source: CNBC
