The Dow Jones Industrial Average fell 28.37 points, or 0.09%, at the open to 33,245.78. The S&P 500 opened lower by 7.11 points, or 0.17%, at 4,102.20, while the Nasdaq Composite dropped 75.81 points, or 0.62%, to 12,146.09 at the opening bell.
Losses by utilities and the technology sector offset big gains in energy stocks.
Oil prices soared nearly 6% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. Shares in Asia were mixed.
U.S. benchmark crude oil rose $4.24 to $79.91 per barrel, or 5.6%, in electronic trading on the New York Mercantile Exchange. It rose $1.30 to $75.67 per barrel on Friday, ahead of the weekend meeting where members of the so-called OPEC+ group of oil exporting countries decided on the cuts, which are in addition to a reduction announced last October that infuriated the Biden administration.
Brent crude, the pricing basis for international oils, gained $4.35 to $84.24 per barrel, or 5.4%.
More to come…
(With inputs from AP)