Stocks Opened Higher and Turned Negative

U.S. stocks opened modestly higher and turned Negative on Wednesday as oil prices slid anew. The Dow Jones Industrial Average lately fell 58.25 points, or 0.28%, to 20,971.22. The S&P 500 was down 7.24 points, or 0.30%, to 2,405.67. The Nasdaq Composite lost 31.39 points, or 0.51%, to 6,171.80.

Oil futures slid anew on Wednesday, underscoring investors’ belief that the extended production caps by major producers and the summer driving season in the U.S. won’t do much to crimp still-heavy global supplies. Light, sweet crude futures for delivery in July dropped 92 cents, or 1.8%, to $48.75 a barrel. July Brent slid 98 cents, or 1.9%, at $50.86 a barrel.

China’s manufacturing and services sectors expanded at a solid pace in May thanks to robust construction and infrastructure investment, welcome news for authorities trying to strike a balance between maintaining stable economic growth and defusing debt risks. The official manufacturing Purchasing Managers’ Index (PMI) was at 51.2 in May, unchanged from April, a monthly survey by the National Bureau of Statistics showed on Wednesday.

Navigation app Waze will expand its carpool service throughout California next week, including the key car hub of Los Angeles, in its largest scale rollout of the service owned by Alphabet’s (GOOGL.O) Google.