Stocks Opened Higher as Vaccine, Merger News Drew Focus

U.S. stocks opened higher on Monday, as investors considered positive developments around a coronavirus vaccine candidate, and eyed a flurry of newly announced mergers and acquisitions among major companies. The Dow Jones Industrial Average lately rose 171.09 points, 0.62%, to 27,836.73. The S&P 500 added 31.13 points, or 0.93%, to 3,372.10. The Nasdaq Composite gained 139.98 points, or 1.29%, to 10,993.52.

Oil futures fell Monday, undercut by continued demand worries as the Organization of the Petroleum Exporting Countries further reduces its outlook for demand growth. West Texas Intermediate crude for October delivery fell 30 cents, or 0.8%, to $37.03 a barrel, while November Brent was off 27 cents, or 0.7%, at $39.56 a barrel.

Oracle (ORCL) has allegedly won the bid for TikTok US over Microsoft (MSFT). According to an initial report by The Wall Street Journal and later Reuters, both citing unnamed sources, the social media video platform is hoping to seal a partnership, rather than an outright sale, in order to keep some control over its US operations.

Alphabet Inc’s (GOOGL) Google aims to power its data centers and offices 24-7 using solely carbon-free electricity by 2030, its chief executive told Reuters, building on its previous goal of matching its energy use with 100% renewable energy.

Verizon Communications (VZ) announced Monday it has acquired pre-paid wireless leader Tracfone. The cost of the transaction will include $3.125 billion in cash and $3.125 billion in Verizon common stock, subject to customary adjustments, at closing.