On Wall Street, stock indexes opened near zero and tried to rise slightly during the first half hour. The Dow Jones industrial average rose 0.05 percent, the technology-focused Nasdaq rose 0.11 percent, and the broader S&P 500, which hit a new record on Friday, rose 0.03 percent.
Diamondback Energy has announced that it will buy its competitor Endeavor Energy Resources for $26 billion in a cash and stock deal. The news sent Diamondback shares up more than seven percent, making it the largest operator in the traditional Texas oil production area in the Permian Basin. The acquisition is part of an industry trend of consolidation as companies seek to acquire drilling acreage and cut costs. Similar acquisitions of other companies such as Exxon Mobil and Chevron Corporation have been reported in recent months.
Earnings season continues on Wall Street with beverage company Coca Cola announcing its October-January results and last year’s financial statements tomorrow. Additionally, domestic inflation data for January in the United States will be released tomorrow providing valuable insights into market trends and economic growth opportunities.