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Exxon rises after OPEC+, led by Saudi Arabia, said it was voluntarily planning on reducing output.
David McNew/Getty Images
Stock futures traded mixed Monday, oil prices jumped, and shares of energy stocks surged after OPEC+ surprised markets with production cuts of more than a million barrels a day that will start next month.
These stocks were poised to make moves Monday:
Exxon Mobil
(XOM) jumped 3.2%,
Chevron
(CVX) rose 3.1%, U.S.-listed shares of
BP
(BP) were up 3.9%, and
Shell
(SHEL) gained 3.7% after OPEC+, led by Saudi Arabia, said it was voluntarily planning on reducing output. The latest production cut, announced Sunday, come on top of the cuts announced last October.
Tesla
(TSLA) delivered 422,875 vehicles in the first quarter, and the electric-vehicle maker produced 440,808 units, both quarterly records. Wall Street was expecting Tesla to deliver about 420,000 units in the first three months of 2023. Tesla delivered 405,278 cars in the fourth quarter of 2022 and it produced 439,701 units. The stock was down 2.4% in premarket trading. It finished the first quarter up more than 68%, the best first-quarter performance ever.
Chinese electric-vehicle makers
NIO
(NIO),
XPeng
(XPEV), and
Li Auto
(LI) reported combined deliveries for March of 38,203 vehicles, up from 34,787 delivered in February and higher than the 36,433 units delivered in March 2022.
NIO was down 1.4% after it delivered 10,378 units in March, down from 12,157 delivered in February, but up from 9,985 delivered in March 2022. For the quarter, NIO delivered 31,041 vehicles, within the company’s guided range of 31,000 and 33,000 vehicles and up from the 25,768 vehicles delivered in first quarter of 2022.
Nvidia
(NVDA) shares fell 0.9% in premarket trading. Shares of the graphics chip maker rose 90% in the first quarter, and secured the top spot in two indexes—the S&P 500 and Nasdaq-100—following a 50% decline in 2022.
World Wrestling Entertainment
(WWE) was down 3% in premarket trading to $88.52 following reports that said the company was nearing a deal to be sold to
Endeavor Group
(EDR), the owner of the the Ultimate Fighting Championship. The deal is expected to be announced Monday, The Wall Street Journal reported, citing people familiar with the matter.
Write to Joe Woelfel at joseph.woelfel@barrons.com
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
