Stocks Opened Higher, Oil Futures Fell

U.S. stocks opened higher on Friday, as worries over the U.S.-China trade war and the outlook for the global economy ebb. The Dow Jones Industrial Average lately rose 122.24 points, or 0.46%, to 2,937.98. The S&P 500 climbed 13.40 points, or 0.46%, to 2,937.98. The Nasdaq Composite gained 37.89 points, or 0.48%, to 8,011.29.

Oil futures fell Friday, after a large fall in U.S. inventories and some cautious optimism on trade. West Texas Intermediate crude for the October delivery fell 77 cents, or 1.4%, to $55.94 a barrel. November Brent crude lost 45 cents, or 0.7%, to trade at $60.04 a barrel.

Americans boosted spending in July on recreational goods and vehicles as well as energy to run their air conditioners, but inflation remained low enough to give the Federal Reserve room to cut interest rates next month. Consumer spending jumped 0.6% last month, the government said Friday.

Chicago PMI rose above the 50 level signalling expansion in August, climbing to 50.4 from 44.4 in July. The survey “still suggests a softer overall tone in business activity despite the August pick-up in sentiment, as the three-month average fell again, dipping to 48.2,” MNI Indicators said.

Campbell Soup Company (CPB) reported its fourth-quarter and full-year results for fiscal 2019. Sales for the fourth quarter increased 2 percent to $1.8 billion driven by gains in Snacks, as well as Meals & Beverages. Sales for full year increased 23 percent to $8.1 billion reflecting the benefit from the acquisitions of Snyder’s-Lance and Pacific Foods.

Ulta Beauty stock (ULTA) said earnings for its fiscal second quarter (ended Aug. 3) were $2.76 per share on sales of $1.67 billion and same-store sales growth of 6.2%. Wall Street was looking for earnings of $2.80 per share on revenue of $1.16 billion and 6.6% same-store sales growth.