U.S. stocks slipped slightly Monday, as the price of oil continued to fall, weighing on stocks, and as investors scoured economic reports for clues on the pace of growth.
The broad-based S&P 500 gained 12.03 (0.57 per cent) at 2,105.35, while the tech-rich Nasdaq Composite Index jumped 30.61 (0.60 per cent) to 5,136.15.
The Dow is down 224.87 points, or 1.3 percent.
Two recent surveys showed China’s giant manufacturing industry weakened in July, suggesting government efforts to stimulate the world’s No. 2 economy aren’t gaining broad traction.
Investors are following this month’s economic reports closely to see if the economy is strengthening sufficiently for the Federal Reserve to raise interest rates later this year.
American Express fell 0.3 per cent after a US judge threw out a proposed class-action settlement with merchants on litigation over AmEx swiping fee restrictions. Energy companies in the S&P 500 were the biggest decliners in the index, falling 0.8%.
As of 8:30 a.m. ET, Dow Jones Industrial Average futures were 56 points lower, or 0.34% to 17314.
Videogame developer Activision Blizzard bolted 10.3 percent higher after lifting its full-year forecast on better-than-expected second-quarter results. The Nasdaq composite rose four points, or 0.1 percent, 5,133.
Options prices imply that the stock will move 3 percent on earnings, according to Nathan.
Across the Atlantic, European traders were not deterred by a heavy sell-off of Greek stocks as they resumed trading after a five-week suspension. Japan’s Topix index added 0.9% as the yen traded at 124.80 per dollar after three days of declines.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.15 percent from 2.19 percent Friday, while the 30-year dropped to 2.86 percent from 2.91 percent.
Etsy, an online marketplace for vintage and handmade goods, sank 22.0 percent after reporting a second-quarter loss of $6.4 million.