Wall Street opens mixed, oil surges despite OPEC+ production increase

Wall Street indexes opened the session mixed, with the Dow Jones defying the rise of the S&P 500 and Nasdaq 100, although they are moderate buys, with a focus on inflation and the Federal Reserve.

The market considers it 90% likely that the US central bank will cut interest rates by 25 basis points at its next meeting on September 17.

Therefore, the August CPI, which will be released this Thursday, appears decisive. The consensus forecast predicts that the inflation rate will rise from 2.7% in the previous month to 2.9%, and that the underlying inflation rate will remain stable at 3.1%.

The Dow Jones falls 0.14%; the S&P advances 0.27% and the Nasdaq rises 0.62%.

Wall Street's performance lags behind the performance seen on European stock markets.

On the day the French prime minister submits a confidence vote in Parliament, which, if rejected, will send the country to early elections, European stocks are in positive territory. Even the CAC 40 is rising.

Among Wall Street listed companies, Robinhood and ApplLovin are notable for their S&P 500 inclusion, while Enphase is one of those leaving. EchoStar is excited about selling spectrum to Elon Musk's SpaceEx, while QuantumScape is reacting with a significant increase in value to a lithium battery demonstration at Volkswagen, MTrader notes.

Ricardo Evangelista, CEO of ActivTrades Europe, highlights that "the price of gold rose at the market open on Monday, surpassing $3,600 for the first time. The rise followed Friday's release of weak US employment data, which highlighted a slowdown in the world's largest economy. This scenario led to a devaluation of the dollar and a widespread drop in Treasury bond yields, as investors adjusted their expectations and increased bets on Federal Reserve rate cuts—with some already anticipating a 50 basis point reduction at next week's FOMC meeting."

Oil prices rose on Monday following the announcement of a relatively modest increase in production by OPEC+, in addition to the possibility of further sanctions against Russian oil. Brent advanced 1.56% to $66.52, and WTI crude rose 1.5% to $62.80.

The OPEC+ alliance, led by Saudi Arabia and Russia, agreed on Sunday to a new increase in crude oil production for October, of 137,000 barrels per day.

The euro rises 0.30% to $1.1752.