Stocks Opened Higher ahead of Trump’s Budget Plan

U.S. stocks opened with a modest gain on Tuesday, ahead of  President Donald Trump’s first full budget plan that is aimed at slashing government spending and trimming the deficit. The Dow Jones Industrial Average lately rose 11.80 points, or 0.06%, to 20,906.63. The S&P 500 ticked up by 0.74 points, or 0.03%, to 2,394.76. The Nasdaq Composite was down 10.57 points, or 0.17%, to 6,123.05.

Oil prices on Tuesday switched between small gains and losses, with President Trump’s plan to sell some U.S. crude stockpiles as part of his broader budget proposal weighed on prices, market participants said. July West Texas Intermediate crude rose 12 cents, or 0.2%, to $51.26 a barrel. July Brent crude gained 11 cents, or 0.2%, to $53.98 a barrel.

Nokia (NOK) and Apple (AAPL) have settled their numerous legal disputes after signing an agreement to work together. Nokia, which owns a huge portfolio of patents, said it will receive an up-front cash payment from Apple, with additional revenues during the term of the agreement.

South Africa’s top manufacturing union NUMSA said late Monday that 600 workers out of 1,500 at General Motors SA (GM.N) will lose their jobs by July after a decision last week by the car maker to sell its local operations.