NEW YORK (TheStreet) -- The S&P 500 closed with barely-there gains on Tuesday as oil rallied on a more positive forecast for crude prices this year.
The S&P 500 was up 0.03%, the Dow Jones Industrial Average fell 0.03%, and the Nasdaq slid 0.15%.
The government's Energy Information Administration raised 2015 forecasts for West Texas Intermediate crude to an average $55.35 a barrel, above a previous forecast of $54.32. The organization trimmed 2016 forecasts to an average $62.04 a barrel, down from a previous $65.57.
West Texas Intermediate crude rallied Tuesday after several days of losses. The commodity closed 3.4% higher to $60.14 a barrel, a one-week high.
Though the S&P 500 closed with gains, it wasn't without a struggle with little to drive benchmark indexes upwards. Investors are bracing for next week's Federal Reserve meeting in the wake of Friday's stellar monthly jobs report and ahead of May retail sales out later this week. The Fed will kick off its two-day meeting on Tuesday, June 16, and it will conclude mid-afternoon on Wednesday.
"The economy gives you nothing and there's no news. It gives extraneous data outsized importance," said James Meyer, chief investment officer at Tower Bridge Advisors, told CNBC. "It's a trading-dominated market, not a fundamentally-dominated market."
"We have scale, and we have leveraged the opportunities where we could benefit from partnerships," said CEO Mary Barra ahead of the company's 2015 shareholder meeting.
Fiat Chrysler shares were on watch on news the company's executives are still keen to merge with GM. Fiat CEO Sergio Marchionne reportedly contacted hedge funds to nudge GM to consider a merger, according to The Wall Street Journal. Click here for more.
McDonald's (MCD) shares drifted lower after the company appointed Robert Gibbs as global head of communications. Gibbs had previously worked as press secretary for President Barack Obama.
HSBC (HSBC) plans to cut 50,000 jobs, one leg of an effort to cut costs by as much as $5 billion within two years, according to a statement to the Hong Kong Stock Exchange. The measure eliminates around 20% of the bank's payroll.
General Electric (GE) has agreed to sell its private-equity lending unit, a group with assets of more than $10 billion, to the Canada Pension Plan Investment Board, Canada's largest pension fund. The deal is valued at around $12 billion. Click here for more.
Lululemon (LULU) rose 10.8% after beating estimates on its top- and bottom-lines. The athletic apparel maker earned 34 cents a share in its recent quarter, beating estimates by a penny, while sales climbed 10.1% to $423.5 million.
U.S. job openings in April rose to 5.38 million, the highest since December 2000 and up from March's 5.11 million, according to the Job Openings and Labor Turnover Survey. The latest data is dated given investors already have reviewed May's jobs figures from the Labor Department, though the date still provide additional details as to recent strength in the labor market.
U.S. wholesale inventories increased 0.4% in April, according to the U.S. Commerce Department. The reading was double expectations and up from a 0.1% increase in March.
Inflation in China in May increased at a slower-than-expected pace with consumer prices rising 1.2% year over year, short estimates for a 1.3% increase. Producer prices plummeted 4.6% from a year earlier, the 38th straight month of decline.
A day earlier, China reported exports for May fell and imports declined at the sharpest rate in three months. Annual exports slid 2.5% while imports plummeted 17.6%. The latest data rallied calls for increased stimulus from the People's Bank of China.
"The hope among investors is that such data will prompt the government to become even more aggressive in its efforts to stimulate the slowing economy," said Ameriprise Financial's David Joy. "That same thinking has propelled the Shanghai Composite Index to a gain of 59% so far on the year."
Debt talks between Greece and its European creditors were limping along, according to The Guardian. Greece reportedly has submitted a list of reforms to creditors, which an unnamed European Union official calls a "vague rehash of earlier proposals." Greece has until the end of June to secure further debt relief.