Stocks Opened Higher as Investors Eyed Trade Updates

U.S. stocks opened higher on Tuesday as investors digested conflicting commentary about progress in U.S.-China trade talk. The Dow Jones Industrial Average lately rose 91.02 points, or 0.35%, to 25,989.85. The S&P 500 climbed 14.61 points, or 0.51%, to 2,892.99. The Nasdaq Composite gained 47.88 points, or 0.61%, to 7,901.62.

Oil futures rebounded Tuesday, finding support on a calming of U.S.-China trade-war fears and as prospects for a deal that would allow Iran to resume some of its crude exports appeared to dim. West Texas Intermediate crude for October delivery rose 67 cents, or 1.2%, to $54.31 a barrel, while October Brent rose 62 cents, or 1.1%, to $59.32 a barrel.

U.S. home price growth slowed for the fifteenth straight month. Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 3.1% year-over-year increase in June, down from 3.3% in May. The results missed analysts’ estimates of a 3.3% annual gain, according to Bloomberg.

Pharmacy stocks advanced after health conglomerate Johnson & Johnson was hit with a much smaller-than-expected fine by an Oklahoma judge, on account of the company’s involvement in the state’s opioid crisis.

Caleres Inc.(CAL) beat estimates for second-quarter earnings. St. Louis-based Caleres said it had net income of $25.3 million, or 61 cents a share, up from $23.6 million, or 55 cents a share, in the year-earlier period. Adjusted per-share earnings came to 62 cents. Sales rose 6.5% to $752.5 million.

Philip Morris International Inc said on Tuesday it was in talks with tobacco company Altria Group Inc to combine in an all-stock merger.