June S&P 500 futures (ESM23) are down -0.10%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.61% this morning after three major U.S. benchmark indices rallied on Friday as signs of cooling inflation bolstered hopes that the Fed may be close to ending its rate-hiking cycle.
Over the weekend, the Organization of Petroleum Exporting Countries and allies, known as OPEC+, announced that they would cut production by around 1.16 million barrels per day through to the end of 2023, in a surprise move that the United States called inadvisable. On the ground of this, oil prices surged by more than +5% on Monday, brewing some concerns over a potential resurgence in inflation over the coming months.
