Stock market news: Oil stocks rally as crude prices rocket up

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US stocks end mixed as energy sector rides surge in oil prices while tech stocks fall

"While the OPEC+ cuts are expected to tighten the oil market and may well provide further support to prices in the near-term, the longer-term outlook remains uncertain," Fawad Razaqzada, market analyst at City Index, wrote in a Monday note.

"After all, a side effect will be a fresh inflationary jolt to the world economy," he said."This in turn may mean even more rate increases than was priced in last week." Tech stocks fell on the prospect that more rate hikes may be in the Fed's pipeline. Future earnings from those growth companies would be hurt by higher rates.

Tech stocks soared in the first quarter of 2023 but Morgan Stanley's top stock strategist Mike Wilson warned Monday that theas first-quarter deliveries show a growing inventory buildup.Binance and NBA star Jimmy Butler were hit with fresh class action

 

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