Market Update: Oil Price Spike Triggers Nasdaq Fall in Q2 Trading

In the second quarter of trading, the Nasdaq fell as a result of a sudden increase in oil prices, which added to concerns over Federal Reserve rate hikes and banking sector turmoil.

Despite this, Chevron shares led the Dow higher with a 3.9% rise, while the Energy Select Sector SPDR fund (XLE) saw an increase of more than 4%.

In noon trading, US stocks showed a mixed performance following 

OPEC+'s surprising decision to cut production by 1.66 million barrels per day.

The Nasdaq Composite experienced a decline of 0.8%, while the S&P 500 stayed flat after a lower open. However, the Dow Jones Industrial Average rose 239 points, or 0.7%.

The output cut from OPEC+ sent oil prices skyrocketing; with West Texas Intermediate crude and Brent crude both up by 6.6% and 6%, respectively.

The best performers in the XLE were Marathon Oil and Halliburton, rising 9% and 6.2%, respectively. During the quarter, the Nasdaq Composite gained 16.8%

While the S&P 500 rose 7% in the first three months of the year, making it the second-straight positive quarter.

Roth MKM chief market technician JC O'Hara suggested that the S&P 500's strength at the end of March could indicate a breakthrough in the benchmark index's trading range.