HAL - NASDAQ Futures Fall Ahead of Start of Q2

NASDAQ retreated Monday, as a new quarter kicked off Wall Street with a big jump in oil prices.

Futures for the Dow Jones Industrials gained 110 points, or 0.3%, at 33,566.

Futures for the S&P 500 ditched six points, or 0.2%, to 4,131.75.

Futures for the NASDAQ Composite subtracted 97.25 points, or 0.7%, to 13,204.25.

Oil prices surged 6% after an announcement of production cuts from Saudi Arabia and other OPEC+ members. The move led to a 3% gain in Chevron.

Marathon Oil and Halliburton were the fund's best performers, rising more than 6% each.

The moves in futures come as a new quarter of trading kicked off. All three major averages were positive in the first quarter, despite turmoil in the banking sector highlighted by the collapse of Silicon Valley Bank in March.

Meanwhile, the S&P 500 rose 7% in the first three months of the year for its second-straight positive quarter. The Dow industrials lagged but still managed to grind out an advance of 0.4%.

The first week of the new quarter is a shortened one for Wall Street, as trading will be closed for Good Friday. However, there will be several key pieces of economic data for investors, including job openings data on Tuesday, ADP private payrolls report on Wednesday and the closely watched monthly jobs report on Friday.

In Japan, the Nikkei 225 moved higher 0.5% Monday, while in Hong Kong, the Hang Seng grabbed nine points.

Oil prices picked up $4.89 to $80.56 U.S. a barrel.

Gold prices brightened $6.40 to $1,992.60 U.S. an ounce.