Oil prices spiked on Monday as OPEC+ producers unexpectedly announced output cuts, with Brent crude and WTI up more than 6%.
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2023-04-04 | Sign Up | View Online
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S&P 500 4,124.51 +0.37%
Nasdaq 12,189.45 -0.27%
Dow 33,601.15 +0.98%
TSX 20,278.28 +0.89%
10-Year 3.417% -0.073%
Oil 80.54 +6.44%

*All data as of previous day market close.

Highlights: The market was mixed initially on Monday after the surprise announcement of more oil production cuts from OPEC+. Energy stocks rallied on the news, which helped the S&P 500 to close higher and notch a fourth day of gains.
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Markets & Economy
Oil prices surge after OPEC+ producers announce surprise cuts (3 min read)

Oil prices spiked on Monday as OPEC+ producers unexpectedly announced output cuts, with Brent crude and WTI up more than 6%. Collectively, the OPEC+ producers will start cutting about 1 million barrels a day in May and continue until the end of the year. The new cut is in addition to the output slash of 2 million barrels a day announced by OPEC+ in October. Analysts suggest inflation could remain higher for longer due to rising oil prices, increasing pressure on central banks to extend or strengthen their interest rate hiking cycles.
US Manufacturing comes off its high boil (2 min read)

The Institute for Supply Management's (ISM) manufacturing activity fell to 46.3 in March, the lowest in almost three years. US manufacturing has been contracting for four consecutive months, with steep declines in new orders, inventories, and employment. The softening demand for goods has paved the way for manufacturers to trim payrolls and lighten up their production schedules. The new data confirms that the US economy is slowing despite a robust job market.
Business & Stocks
WWE is combining with UFC to form a new company (3 min read)

World Wrestling Entertainment (WWE) and the parent company of UFC, Endeavor Group, are merging to create a new publicly traded company under the ticker symbol “TKO.” The deal values the newly combined company at over $21 billion, with Endeavor shareholders owning 51% and WWE shareholders owning 49%. The companies expect to save $50-100 million in costs after the deal is complete in the second half of this year. The new company may expand by pursuing other mergers and acquisitions to bolster its strong stable of brands further.
Tesla shares drop after deliveries report raises investor concern that more price cuts are coming (2 min read)

Tesla’s quarterly deliveries report showed a 4% increase from the last quarter, despite cutting the price of its vehicles several times earlier this year. Shares of Tesla fell more than 6% after the news as it raised concerns for some investors that more price cuts may be required to boost sales amid increased competition in the EV market, which may ultimately affect Tesla’s margins.
Analysts also believe that further price cuts will be necessary to achieve the annual growth rate that Tesla aims for.
Funds & ETFs
Best Performing Dividend ETFs For Q1 2023 (4 min read)

US stocks were highly volatile during the first quarter of 2023 as the narratives changed multiple times. The tech sector was the only consistent leader amid all the market noise. As a result, dividend stocks generally did not perform well, and many dividend ETFs posted negative returns. However, international dividend ETFs stepped up and led the way. This article lists the top 30 US-listed dividend ETFs in Q1, and nearly all are focused on international equities, with returns as high as 17%.
ETFs vs. Trust Funds: Learn the Difference (7 min read)

Both ETFs and trust funds are investment vehicles that can help investors diversify their portfolios. The main difference between the two is the structure of the fund. ETFs are open-end funds where shares can change based on demand, while trust funds are closed-end funds that offer a fixed number of shares. Both structures have their own advantages and disadvantages. For example, ETFs are lower in cost than trust funds, but the ladder has a higher income potential. More on their comparison is available in the article.
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