(Reuters) – The New York Stock Exchange opened in mixed order on Monday as an unexpected decision by OPEC+ to further cut oil production sent crude prices higher and renewed concerns about lingering inflation.

In early trading, the Dow Jones index gained 104.32 points, or 0.31% to 33,378.47 points and the broader Standard & Poor’s 500 fell 0.14% to 4,103.45 points.

The Nasdaq Composite lost 0.63%, or 76.95 points, to 12,144.96.

OPEC+ on Sunday announced further oil production cuts from May through the end of the year, a surprise move that sent crude prices soaring, quickly eclipsing the optimism sparked Friday by the publication of an indicator showing signs of slowing inflation in the United States.

Investors fear in particular that this decision will increase inflationary pressures and push central banks to maintain their pace of monetary tightening longer than expected to rein in prices.

Investors will be closely watching the release at 4:00 p.m. (2:00 p.m. GMT) of the ISM manufacturing index for March, as well as comments from Fed Governor Lisa Cook on the economic outlook and monetary policy.

In values, the major energy groups Exxon Mobil and Chevron benefit from the jump in oil and increase by 3.7% and 4.1% in the first exchanges, while the airlines United Airlines, Delta and Southwest drop between 0.5% and 1.8%, the rise in crude prices being likely to increase their fuel bills.

Electric vehicle maker Tesla, which missed delivery estimates for its first quarter, lost 3%.

McDonald’s, which according to the Wall Street Journal temporarily closed its offices in the United States in order to inform its employees of the layoffs planned as part of a restructuring of the group, gained 0.3%.

Endeavor dropped 1.9% as the parent company of the UFC mixed martial arts franchise announced to acquire World Wrestling Entertainment, which lost 7.8%.

(Written by Diana Mandiá, Editing by Kate Entringer)

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