Wall Street pointed to modest gains Monday morning. The Dow rose 15 points, or 0.06%, to 27,946, the S&P 500 gained 0.3% and the Nasdaq was up 0.59%. The S&P 500 and Nasdaq are coming off three positive weeks in a row.
Monday morning, trading was light and cautious as investors weigh a stalemate in Congress on the next round of coronavirus stimulus and U.S. and China trade tensions.
Oil prices are rising, lifted by China’s plans to import large volumes of U.S. crude in August and September. Meanwhile, however, Chaparral Energy (CHAP) - Get Report became the U.S. energy sector’s latest coronavirus pandemic casualty, filing for bankruptcy protection.
“While we have taken carefully measured and decisive action to address the challenges of 2020, the overall impact to the energy industry, including Chaparral, has been severe,” CEO Chuck Duginski said in a statement.
Stocks in Europe and Asia were mixed early Monday, in large part because Japan’s economy recorded biggest contraction in 40 years in the second quarter, impacted by the global pandemic.
Tesla (TSLA) - Get Report shares inched higher into record territory on Monday after Wedbush Securities analyst Daniel Ives raised his one-year price target on the electric car and battery maker, citing what he sees as ongoing demand for Tesla cars in China. Tesla was up 3.56% at $1,709.42 in trading on Monday.
The economic calendar in the U.S. Monday includes the Empire State Manufacturing Index for August at 8:30 a.m. ET and the NAHB Housing Market Index for August at 10 a.m.