Markets Open Q2 Mixed as Oil Prices Soar

Table showing the performance of major U.S. financial indexes on March 3, 2023


Key Takeaways

  • U.S. equities were mixed on the first trading day of the second quarter of 2023, with oil prices soaring on news of an OPEC+ production cut.
  • The Dow led major indexes with gains of around 1%, and the S&P 500 also closed higher, but the tech-heavy Nasdaq slipped nearly 0.3% in Monday's session.
  • Fossil-fuel companies dominated the list of the day's top performers, while Tesla shares skidded on underwhelming delivery numbers.

U.S. equities opened the new month and quarter mixed after OPEC+ announced a surprise cut in oil production, sending crude futures skyrocketing during the session to levels not seen since January. The Dow and S&P 500 were in positive territory, while the Nasdaq lost ground.

The 10 best-performing stocks in the S&P 500 were all fossil fuel-related companies. Marathon Oil (MRO) shares jumped about 10%. Shares of ConocoPhillips (COP) were up 9%. APA Corporation (APA) and Hess (HES) shares picked up 8%. Exxon Mobil (XOM) shares gained almost 6%.

Shares of UnitedHealth Group (UNH) and rival health insurance providers took off following an announcement during the previous week boosting payment rates for Medicare and Medicaid. McDonald's (MCD) shares rose after the fast-food giant temporarily closed its offices as it gets set to announce corporate layoffs. Macy's (M) shares advanced on an analyst upgrade.

Solar Stocks Slide

Shares of Tesla (TSLA) dipped 6% after the electric carmaker reported first quarter deliveries that were less than some estimates and below the number of vehicles it produced. First Solar (FSLR) shares slipped on an analyst downgrade, and shares of other solar firms were down as well.

Extra Space Storage (EXR) shares lost ground after the self-storage facility operator bought rival Life Storage (LSI) for $12.7 billion. Shares of World Wrestling Entertainment (WWE) and UFC operator Endeavor Group Holdings (EDR) declined as the sports entertainment firms announced the creation of a new company merging WWE and UFC.

Gold prices were up. The yield on the 10-year Treasury note slid. The U.S. dollar fell against the euro, pound, and yen. Most major cryptocurrencies traded higher.

Table showing the S&P 500 stocks with the biggest gains and losses on April 3, 2023


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