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U.S. stocks were mixed around midday Monday, as investors weighed a surge in oil prices after Saudi-led crude producers announced they would reduce production by over 1 million barrels a day starting in May.

The Dow Jones Industrial Average was up around 0.7%.

The Nasdaq Composite was down about 0.9%.

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The S&P 500 was roughly flat. Trending stocks today are:

Occidental Petroleum (OXY), Chevron (CVX), Exxon Mobil (XOM), Halliburton (HAL): Shares in U.S. energy companies jumped, as oil prices surged after a Saudi-led group of producers said they would cut output. BP (BP) and Shell (SHEL) both rose in London trading.

Extra Space Storage (EXR), Life Storage (LSI): Shares of Extra Space Storage were down and Life Storage shares rose after the companies said they struck a $12.7 billion deal to combine.

McDonald’s (MCD): The Chicago-based fast-food chain is temporarily closing its U.S. offices as it prepares to inform corporate employees about layoffs. The stock edged higher in early trading.

Tesla (TSLA): The electric-vehicle maker delivered a record number of vehicles in the first three months of the year, when it slashed prices. Tesla shares fell 3% early Monday.

World Wrestling Entertainment (WWE): The company reached a deal to form a publicly listed company with Endeavor Group (EDR), which owns Ultimate Fighting Championship. WWE shares were down 7%; Endeavor’s stock fell in morning action.


Image: Nasdaq