S&P 500 Forecast: Surprise OPEC+ oil cut brings worries to stock market

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• OPEC+ cuts supply by 1.16 million barrels per day.
• S&P 500 returns 3.5% in March.
• S&P 500’s close above 4,100 on Friday major bullish signal.

Sunday’s unexpected oil supply cut announcement by OPEC+ is rattling the market here on Monday. Thus far the futures market shows traders cutting growth stocks and reinvesting in the Dow’s blue chips. This week is shortened due to the stock market closing for Good Friday. Still several economic indicators should provide direction to equity movements, especially for the S&P 500 index. Both the ISM PMIs for manufacturing and services will tell investors the current state of the economy, and Thursday’s initial jobless claims should also provide insight on the labor market.