Midday Report: Crude Oil Boosts Energy Stocks; Trump and Xi to Meet For Summit

Crude oil gains helped the energy sector lead markets with modest gains. However, trading appeared cautious ahead of a possibly contentious meeting between Donald Trump and China's President Xi over the next two days. Yum! China (YUMC) - Get Report surged on first-quarter earnings and sales that were better than anticipated. The owner of KFC and Pizza Hut in the region reported a 1% increase in same-store sales over the three-month period. Costco (COST) - Get Report rose after reporting strong sales figures for March. The warehouse retailer saw a 9% increase in March revenue in the U.S., while same-store sales increased 7%. AdvancedMicro Devices (AMD) - Get Report slumped after Goldman Sachs initiated coverage with a SELL rating and $11 price target. The firm said current valuations make its stock price difficult to justify.