Following a fairly disappointing European trading session, market sentiment improved during Monday’s Wall Street period. While the Dow Jones underperformed, the Nasdaq 100 and S&P 500 futures climbed 1.03% and 0.34% respectively. The turnaround in sentiment might have been due to the decline in crude oil prices during North American trading hours.
At one point, WTI climbed about 1.7% after reports crossed the wires that OPEC and its allies, also known as OPEC+, were unable to meet September production targets. Output was about 15% lower than what was expected. Going forward, the oil-producing cartel may face increasing pressure from consumers to increase output. Japan’s Prime Minister, Fumio Kishida, made such remarks earlier in the day.