Stocks Opened Lower on Trade Fears

U.S. stocks opened lower on Monday after China reportedly rebuffed a plan for talks with the U.S. on resolving their dispute over trade and technology. The Dow Jones Industrial Average lately fell 95.58 points, or 0.36%, to 26,647.92. The S&P 500 retreated 6.42 points, or 0.22%, to 2,923.25.  The Nasdaq Composite dropped 21.22 points, or 0.27%, to 7,965.74.

Oil prices surged early Monday in New York, as major energy producers declined to commit to increasing crude output to address expected supply disruptions at a closely watched producer meeting. November West Texas crude traded $1.30, or 1.8%, higher at $72.07 a barrel. November Brent rose $1.86, or 2.4%, to reach $80.10 a barrel.

Business software companies SAP, Microsoft and Adobe said on Monday they were forming a data alliance that will make it easier for clients running their applications to get a better overview of the customer.