Stocks Traded Slightly Lower after French Election

The U.S. stocks traded slightly lower in the early trading on Monday following Emmanuel Macron’s closely watched presidential election victory in France on Sunday. The Dow Jones Industrial Average lately fell 34.51 points, or 0.16%, to 20,972.43. The S&P 500 was down 2.22 points, or 0.09%, to 2,397.07. The Nasdaq Composite shed 5.14 points, or 0.08%, to 6,095.62.

Emmanuel Macron was elected French president on Sunday with a business-friendly vision of European integration, defeating Marine Le Pen, a far-right nationalist who threatened to take France out of the European Union.

Crude oil futures were sent on a roller-coaster ride Monday morning, trying to retake the $47 level after Saudi Arabia’s oil minister said a deal to cut production could be extended into 2018. West Texas Intermediate crude traded 24 cents higher, or 0.5%, at $46.45 a barrel, while July Brent climbed 28 cents, or 0.6%, to $49.38 a barrel.

Handbag maker Coach Inc (COH) said it would buy Kate Spade & Co (KATE) for $2.4 billion as it looks to tap the popularity of its smaller rival’s quirky satchels and totes among millennials.

Sinclair Broadcast Group announced Monday that it will acquire Tribune Media in a deal valued at $3.9 billion. Sinclair will acquire 100 percent of Tribune shares for $43.50 each, also assuming approximately $2.7 billion in net debt, the companies said.

JD.com Inc (JD), China’s second-largest e-commerce firm, said first-quarter revenue grew 41 percent from a year earlier. Net profit was 355.7 million yuan for the quarter, compared with a loss of 867.3 million yuan for the same period a year earlier.