Dow Jones Futures Rise, Oil Prices Jump On Surprise OPEC+ Move,

Dow Jones futures rose modestly Monday afternoon, along with S&P 500 futures and Nasdaq futures. Crude oil prices rebounded as OPEC+ unexpectedly agreed on a small production cut. Meanwhile, Russia said natural gas flows to Europe will remain shut until Western sanctions are lifted.

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The stock market rally fell sharply again last week, breaking through key levels.

With the major indexes heading south and few stocks looking healthy, investors should have a large cash position and wait for better conditions.

Apple (AAPL) will be in focus this week, with the Dow Jones tech giant set to unveil the iPhone 14 on Sept. 7. Apple stock had been setting up until plunging over the last several sessions along with the broader market.

Arista Networks (ANET) has a similar chart pattern to Apple’s, but ANET stock has some differences that may make it more attractive. ANET stock certainly isn’t actionable, however.

Meanwhile, Enphase Energy (ENPH), Lantheus (LNTH) and Neurocrine Biosciences (NBIX) are drifting lower in consolidations following strong breakouts. Are they setting up or ready to crack?

Lantheus stock is on IBD Leaderboard. ENPH stock and Arista Networks are on the IBD Big Cap 20.

The video embedded in the article reviewed the market action in depth, while also analyzing Apple stock, Arista Networks and Enphase Energy.

Energy Prices Rise

Crude oil futures rose more than 2%, off Monday morning’s highs. OPEC and key allies such as Russia agreed to cut production quotas by 100,000 barrels per day in October. A production cut had been on the table but wasn’t expected. It’s unclear if actual output will fall much at all, because many cartel members weren’t meeting existing quotas. Still, it sends a signal about OPEC+ concerns about prices and current crude supply and demand amid a weakening global economy.

Meanwhile, U.S. natural gas prices fell slightly after rising more 3% earlier. European natural gas prices spiked after plunging last week from stratospheric record highs. Russia’s state-owned Gazprom last week shut down the Nord Stream 1 pipeline to Europe, allegedly for just three days of maintenance. But the pipeline didn’t restore flows on Saturday. Dropping the pretense of maintenance issues, the Kremlin said Monday that natgas flows won’t return to normal until the West lifts sanctions over its Ukraine invasion. Europe has been building up supplies for the winter.

Dow Jones Futures Today

Dow Jones futures rose 0.4% vs. fair value. S&P 500 futures climbed 0.3% and Nasdaq 100 futures advanced 0.2%.

U.S. stock markets are closed Monday for the Labor Day holiday, but other exchanges around the world were open.

Dow futures, trading normally, closed at 1 p.m. ET and will reopen at 6 p.m. ET.

China is extending a Covid lockdown in Chengdu, the capital of the industrial Sichuan province and home to 21 million people. Coastal tech hub Shenzhen, which underwent mass testing this weekend, now faces tiered restrictions.

Remember that overnight…