Stocks were mixed on Tuesday morning as crude oil rebounded and pushed the energy sector higher.
The S&P 500 added 0.03%, the Dow Jones Industrial Average rose 0.37%, and the Nasdaq fell 0.03%.
Crude oil prices rebounded after tumbling on Monday. Prices had been under pressure after the latest read on Chinese factory activity showed continued weakness and as Russia reported production at a post-Soviet high. Oil was on watch ahead of Wednesday's weekly domestic inventories data. West Texas Intermediate crude added 1.5% to $46.84 a barrel on Tuesday.
A surge in Chevron (CVX) and Exxon Mobil (XOM) shares boosted the Dow, while other major oilers including Schlumberger (SLB) , Royal Dutch Shell (RDS.A) , BP (BP) and Total (TOT) added to the S&P 500.
Factory orders in the U.S. fell 1% in September, narrower than the 2.1% slump recorded in August. Economists had expected orders to decline 0.9%. Excluding transportation, orders fell 0.6%, slightly narrower than a 1.1% decline a month earlier.
Car sales enjoyed a double-digit percentage bump in October. Fiat Chrysler (FCAU) posted a 15% jump in U.S. car sales in October. Its Jeep model, in particular, was a hot seller, posting a 33% sales spike. Sales were also boosted by an October with five weekends compared to four a year earlier.
General Motors (GM) also posted a better-than-expected October. The Detroit automaker reported a 16% increase in car sales compared to an expected 12% increase. Ford (F) sales rose 13.4% last month. However, the reading was slightly lower than an expected 14.2% increase in sales.
King Digital (KING) spiked more than 14% after Activision Blizzard (ATVI) agreed to buy the video game maker in a deal worth a total $5.9 billion. The offer of $18 a share is a 20% premium to King Digital's closing price on Monday. The acquisition brings together Activision, the maker of popular role-playing game Call of Duty, with the creator of mobile app game Candy Crush.
Sprint (S) said its second-quarter loss widened from a year earlier to 15 cents a share from a penny a share a year earlier. Analysts had expected a net loss of 7 cents. The telecom generated revenue of $7.98 billion, below estimates of $8.12 billion. However, wireless net additions rose significantly as promotional efforts paid off. Additions jumped 1.06 million, up from 675,000 a year earlier.