Stocks Opened Flat after Mixed Retail Earnings

U.S. stocks opened little changed on Tuesday as investors considered a batch of retail earnings and updates on U.S.-China trade prospects. The Dow Jones Industrial Average lately rose 13.64 points, or 0.05%, to 28,080.11. The S&P 500 was up 1.92 points, or 0.06%, to 3,135.56. The Nasdaq Composite gained 5.30 points, or 0.06%, to 8,637.79.

Oil prices edged modestly higher on Tuesday on trade-talk optimism and forecasts for slower U.S. production. West Texas Intermediate crude futures for January delivery rose 15 cents, or 0.2%, to $58.15 a barrel. January Brent crude gained 11 cents, or 0.2%, at $63.76 a barrel.

Abercrombie & Fitch (ANF) posted third-quarter results that fell short of consensus expectations, as weaker-than-expected comparable same-store sales at Hollister weighed on results. Adjusted earnings per share of 23 cents were a penny short of expectations, and net sales of $863.5 million missed consensus estimates for $869.3 million, according to Bloomberg compiled data.

Best Buy (BBY) delivered stronger than expected third-quarter results and raised guidance for one of its key segments, presaging a potentially strong holiday shopping season for the electronics retailer. Adjusted earnings were $1.13 per share in the third quarter on revenue of $9.76 billion, better than the $1.03 per share on sales of $9.7 billion expected.

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