US stock indexes inch higher, led by tech gains; oil slides

U.S. stock indexes edged higher in early trading Monday as investors sized up the latest company earnings and deal news. Technology and consumer-focused companies led the market higher, offsetting losses among energy, health care and bank stocks. Oil headed lower.

KEEPING SCORE: The Standard & Poor’s 500 index gained 1 point, or 0.1 percent, to 2,478 as of 10:12 a.m. Eastern time. The Dow Jones industrial average rose 10 points, or 0.1 percent, to 22,103. The Nasdaq composite added 16 points, or 0.3 percent, to 6,368. The Russell 2000 index of smaller-company stocks picked up less than 1 point to 1,412.

CHOW DOWN: Tyson Foods gained 5 percent after the meat processor’s forecasts pleased investors. The company also turned in fiscal third-quarter results that beat Wall Street’s estimates. The stock added $ 3.14 to $ 66.44.

CHIPPER RESULTS: ON Semiconductor rose 3.9 percent on stronger-than-expected second-quarter earnings and revenue. The stock gained 59 cents to $ 15.69.

DONE DEAL: NxStage Medical vaulted 28.3 percent after the medical device company agreed to be acquired by Germany’s Fresenius Medical Care AG & Co. for $ 30 a share in a cash deal valued at about $ 2 billion. NxStage shares added $ 6.54 to $ 29.68.

MISSTEP: Armstrong Flooring slumped 17.4 percent after the company’s latest quarterly results fell well short of analysts’ forecasts. The stock slid $ 3 to $ 14.28.

OIL: Benchmark U.S. crude was down 62 cents, or 1.3 percent, to $ 48.96 per barrel in New York. It added 55 cents to $ 49.58 per barrel on Friday. Brent crude, the international standard, was down 69 cents, or 1.3 percent, to $ 51.73 a barrel in London.

CURRENCIES: The U.S. dollar climbed to 110.84 from 110.67 yen on Friday. It weakened, however, against the euro, which climbed to $ 1.1788 from $ 1.1769. The euro was below $ 1.06 as recently as April, before the dollar began weakening steadily.

BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.27 percent.

MARKETS OVERSEAS: In Europe, Germany’s DAX fell 0.5 percent, while France’s CAC 40 was essentially flat. The FTSE 100 in Britain edged 0.2 percent higher. In Asia, Hong Kong’s Hang Seng index added 0.5 percent, while South Korea’s Kospi rose 0.1 percent.