US open: Stocks mixed as investors weigh data

US stocks were mixed on Monday as investors continued to weigh a stronger-than-expected jobs report and weaker-than-forecast Chinese trade data.

At 1447 BST Dow Jones Industrial Average rose 0.04%, the S&P 500 climbed 0.04% and the Nasdaq declined 0.02%.

Oil prices gained with West Texas Intermediate crude rising 2.2% to $42.75 per barrel and Brent crude increasing 1.7% to $45.08 per barrel at 1456 BST.

Traders continued to cheer Friday’s strong non-farm payrolls report, which showed the US economy added 255,000 jobs last months versus expectations of a 180,000 gain, boosting expectations of a rate hike by the Federal Reserve this year.

CMC Markets’ Michael Hewson said: “Certainly the odds have gone up that we could get a move, which suggests that this month’s Jackson Hole Symposium on 26 August is likely to be a key bellwether for the Fed’s appetite for a move higher, or whether the lack of inflation could stay there hand.”

The non-farm payrolls figures were offset by lacklustre Chinese trade figures on Monday. Chinese exports fell 4.4% in July, more than the 3.5% dip that was estimated. Imports declined 12.5%, exceeding the forecast for a 7% decrease.

There is no other major economic data on Monday’s calendar to drive equities.

On the company front, South African furniture retailer Steinhoff International Holdings NV has agreed to buy Mattress Firm Holding Corp. for about $2.4bn in cash. Shares in the two companies rallied on the news.

Wal-Mart Stores was sitting lower on reports it is buying e-commerce group Jet.com for approximately $3bn in cash.

Allergan was in the red after reporting quarterly sales that missed expectations.

News Corp. is expected to report earnings after the closing bell.