Markets React to OPEC Output Cut and Manufacturing Data

World markets have largely ignored OPEC's latest production cut and instead focused on stalled global manufacturing and tense U.S.-China relations. Crude oil prices remain below pre-pandemic levels and are tracking year-on-year declines of 20%. The U.S. Institute for Supply Management reported that manufacturing activity slumped to the lowest level in nearly three years in March, alarming rates and bond markets. The S&P500 ended higher, helped by a 5% jump in energy sector stocks, while Big Tech and Tesla were the main losers. The market's attention now turns to the U.S. labor market ahead of Friday's March payrolls report.