NEW YORK: Wall Street stocks mostly picked up early Monday, reflecting confidence that the banking industry has stabilized, while a jump in oil prices lifted petroleum-linked shares.

After banking sector turmoil in early March, the relative calm of the last few weeks has reassured investors who feared wider financial industry chaos.

But a decision by members of the OPEC+ exporters’ alliance to cut output by more than one million barrels per day proved to be the latest unexpected development.

Nasdaq posts biggest quarterly gain since 2020

About 45 minutes into trading, the Dow Jones Industrial Average was up 1.0 percent at 33,616.42.

The broad-based S&P 500 gained 0.3 percent to 4,122.23, while the tech-rich Nasdaq Composite Index declined 0.4 percent to 12,170.54.

Petroleum-linked companies rallied Monday with oil prices. Chevron rose 4.6 percent while Halliburton surged 9.0 percent.

Tesla fell 5.4 percent as markets digested the latest production and sales figures for the high-flying electric carmaker.

Global deliveries for Elon Musk’s auto company were 422,875 in the first quarter, which was below the level of some estimates.

This week’s calendar includes the March jobs report, as well as surveys of conditions in the manufacturing and services sectors.