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Stock futures inch lower Tuesday morning

04 April 2023 09:27 (UTC +04:00)

Stock futures inched lower Tuesday morning as investors weighed a spike in oil prices that led the S&P 500 higher to start the new trading month, APA-Economics reports citing CNBC.

Futures tied to the Dow Jones Industrial Average inched down by 11 points or 0.03%. S&P 500 futures slipped by 0.08%, and Nasdaq 100 futures dipped by 0.2%.

In regular trading, the Dow rose 327 points, or 0.98%, and the S&P 500 added 0.37%. Both posted a fourth straight day of gains. The Nasdaq Composite slid 0.27%.

Energy stocks led the way after OPEC+ announced it was slashing output by 1.16 million barrels of oil per day. On Monday, oil prices soared, and West Texas Intermediate crude notched its biggest daily gain in nearly a year. The Energy Select Sector SPDR fund (XLE), which tracks the S&P 500 energy sector, popped more than 4%.