Stocks Opened Slightly Higher, Eyed on US-China Trade Deal

U.S. stocks opened slightly higher on Tuesday, as investors eyed upbeat developments around the status of the US-China phase one trade deal. The Dow Jones Industrial Average lately was up 5.11 points, or 0.02%, to 28,313.57. The S&P 500 added 3.41 points, or 0.10%, to 3,434.69. The Nasdaq Composite was down 20.02 points, or 0.18%, to 11,359.70.

The U.S. oil benchmark rose modestly Tuesday, as storms forced the shutdown of more than 80% of offshore crude-oil production in the Gulf of Mexico and prompted refinery cuts. West Texas Intermediate crude for October delivery was up 26 cents, or 0.6%, at $42.88 a barrel. October Brent crude gained 53 cents, or 1.2%, to $45.66 a barrel.

Officials from both Washington and Beijing “see progress and are committed to taking the steps necessary to ensure the success” of the Phase One trade agreement signed between the two nations in January this year, according to a statement from the Office of the US Trade Representative Monday night.

Home-price appreciation continued at a steady clip in June as many states began reopening businesses from shutdowns related to the coronavirus pandemic. The S&P CoreLogic Case-Shiller 20-city price index posted a 3.5% year-over-year gain in June, down from 3.6% the previous month. On a monthly basis, the index increased 0.2% between May and June.

Best Buy Co. Inc. (BBY) reported a fiscal second-quarter earnings and revenue beat, but took a cautious tone for the future. Net income of $432 million, or $1.65 per share, was up from $238 million, or 89 cents per share, last year. Revenue of $9.91 billion was up from $9.54 billion last year.