US stocks pulled back on OPEC+ decision

Wednesday pullback of US stocks proved that the previous two day rally was short-lived. The scene is set for further volatility, after a stormy trading day.

The S&P 500 tumbled 1.4%, while the Dow Jones Industrial Average slid 340 points, or 1.1%. The technology-heavy Nasdaq Composite led the way down at a 1.9% drop. All three major indexes were falling around midday, with energy stocks taking the lead.

The story with energy stocks is totally different from the performance of Wall Street as energy stocks overall were making gains midday Wednesday following the announcement by OPEC+ that it will cut production by two million barrels a day; marking the largest reduction since the start of the pandemic.