Stocks Opened Higher, Oil Futures Slid

U.S. stocks opened higher on Monday, recovering some losses, ahead of a busy week of potentially market-moving events. The Dow Jones Industrial Average lately rose 304.55 points, or 1.15%, to 26,806.15. The S&P 500 added 37.76 points, or 1.15%, to 3,307.72. The Nasdaq Composite gained 98.75 points, or 0.91%, to 11,010.34.

Oil futures slid Monday, under pressure as European countries widened restrictions on activity in an effort to contain a surge in COVID -19 cases. West Texas Intermediate crude for December delivery fell 81 cents, or 2.3%, to $34.98 a barrel, while January Brent crude dropped 64 cents, or 1.7%, to $37.30 a barrel.

Estee Lauder (EL) posted first-quarter results that topped expectations as a boost in skincare sales offset a drop in cosmetics demand. First-quarter adjusted earnings were $1.44 per share on adjusted net sales of $3.56 billion, with both metrics better than the 90 cents a share on sales of $3.45 billion expected.

Clorox (CLX) posted fiscal first-quarter results and full-year guidance that topped consensus expectations. Quarterly earnings came out to $3.22 per share, or much better than the $2.34 per share expected. First-quarter net sales of $1.92 billion grew 27% over last year and were also better than the $1.75 billion anticipated.

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