US stocks hover near record highs as oil jumps following breakdown of OPEC talks

• US stocks hovered near records on Tuesday after the S&P 500 notched seven consecutive closes at new highs.
• Oil jumped amid a breakdown in talks with OPEC+ members, as no supply increase has been agreed upon.
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US stocks were mixed on Tuesday, with the S&P 500 and Nasdaq 100 hovering near record highs as the Dow Jones fell slightly.

Oil jumped higher over the weekend following a breakdown in talks among OPEC+ members. The group was unable to agree upon an oil production increase. OPEC and its allies had been discussing output increases, but the UAE is unhappy with the proposed target that it believes is too low, according to reports.

Crude oil surged to its highest level since 2015 before giving up some of those gains.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

• S&P 500: 4,350.48, down 0.04%
• Dow Jones industrial average: 34,685.69, down 0.29% (100.66 points)
• Nasdaq composite: 14,663.89, up 0.17%

All eyes were on shares of recent Chinese-IPO Didi, which plunged more than 20% on Tuesday after regulators in China ordered the ride-hailing app to be removed from app stores.

Bitcoin and ether are seeing a resurgence in institutional capital inflows as all digital assets pick up steam, according to a report from CoinShares.

Oil prices were higher. West Texas Intermediate crude was up as much as 2.3%, to $76.92 per barrel. Brent crude, oil's international benchmark, jumped 0.8%, to $77.78 per barrel.

Gold rose 1.4%, to $1,809.50 per ounce.