Stocks Opened Higher on Surging Nike Shares

U.S. stocks opened higher on Wednesday, getting a boost from shares of Nike, reversing losses during the overnight session after political uncertainty weighed on risk assets. The Dow Jones Industrial Average lately rose 59.42 points, or 0.22%, to 26,867.19. The S&P 500 was up 2.37 points, or 0.08%, to 2,968.97. The Nasdaq Composite was down 6.14 points, or 0.08%, to 7,987.49.

Oil futures fell Wednesday as investors await official data on U.S. crude inventories after a trade group reported a rise in stocks late Tuesday. West Texas Intermediate crude for November delivery fell $1.06, or 1.9%, to $56.23 a barrel, while November Brent crude was off $1.27, or 2%, at $60.85 a barrel.

Nike (NKE) reported fiscal first-quarter 2020 results that handily topped consensus expectations, driven by a push toward direct-to-consumer and digitally focused sales strategies. Nike’s North American segment – its biggest contributor to total sales – saw $4.29 billion in quarterly revenue, representing an increase of 4% over last year.

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