The story last week was bullish. Very bullish.
After bouncing from Tuesday's lows, SPY rose 4%, and QQQ moved nearly 5.5%. However, for much of the week, the theme was an overnight gap up and chop throughout the US open. However, Friday provided a nice trend with tech names flying.
Stocks are on the back foot to start Monday, and the dollar rose with Treasury yields as a surprise production cut from OPEC+ drove oil prices about 5% higher.
The group’s decision to reduce output by more than one million barrels a day came as a jolt to global markets, sending US and European share futures lower, along with a gauge of Asian equities.