After spending most of the session in the red, the three major indices closed Monday's session in the green across the board.
The Dow Jones Industrial Average rose 0.15%, or 36 points to 24,306, while the Nasdaq gained 0.76%, or 57 points to 7,568, and the S&P 500 rose 0.31%, or 8 points to 2,727.
Tesla Chief of Engineering Not Returning to Company, Reports
Wall Street Journal reporter Tim Higgins is saying that sources are telling him that Doug Field, Tesla's (TSLA) vice president of engineering, will not be returning to the company.
Field has been on leave since May. Tesla reported meeting its own production goal of 5,000 Model 3 vehicles a week Monday, but the stock closed trading down more than 2%.
Nestlé Is Negotiating $2 Billion Deal for Champion Petfoods
Nestlé SA (NSRGY) is reportedly in negotiations with Canada's Champion Petfoods to take over operations of the company for $2 billion, the Wall Street Journal reported.
The talks occur as the company feels pressure from activist investor Daniel Loeb, who published a letter addressed to CEO Mark Schneider and the board, criticizing the company for not getting rid of underperforming businesses.
Nestlé shares were up 0.43% Monday afternoon.
Libya Halts Oil Production Amid Internal Turmoil
Libya's National Oil Corp says that it is refusing loadings at two of its major oil terminals, effectively cutting 850,000 barrels per day from the country's production.
The two terminals, Hariga and Zueitina, are controlled by the Libyan National Army, a rebel fringe that is not recognized by the United Nations.
"Despite our warning of the consequences and attempts to reason with the LNA General Command, two legitimate allocations were blocked from loading at Hariga and Zueitina this weekend. The storage tanks are full and production will now go offline," NOC's chairman Mustafa Sanalla said.
DirecTV Now to Raise Prices Later This Month
What happens when your rivals raise prices? You do too if you are DirecTV.
The DirecTV Now subscription service that supplies slimmed down versions of cable packages will raise prices by $5 per month starting later this month, according to a report in Cord Cutters.
DirecTV is following the lead of rivals Sling TV and YouTube TV, which have also raised prices in recent months.
The price change goes into effect July 26th for new customers, putting the company "in line with the rest of the market," an AT&T spokesperson told The Verge.
MoviePass Parent Company Files to Raise $1.2 Billion in Latest Funding Round
Helios and Matheson Analytics (HMNY) , the parent company of movie theater subscription service MoviePass, filed a registration statement with the SEC to raise up to $1.2 billion in equity and debt securities over the next three years.
The funding is intended to support the operations of MoviePass, as well as its investment subsidiary MoviePass Ventures, MoviePass Films and Moviefone, which Helios and Matheson Analytics recently purchased from Verizon's (VZ) Oath subsidiary.
Last month, HMNY announced a $164 million bond sale in order to keep MoviePass afloat.
EU Officially Warns of Fallout From Proposed Auto Tariffs
The European Union sent a 10-page submission to the United States Commerce Department detailing all the ways U.S. proposed tariffs will hurt the economies of both countries if imposed by the Trump administration.
The economic bloc said that tariffs on cars and car parts would not only harm its own auto industry, but it would also lead to counter-measures that would diminish the $294 billion in U.S. imports that it purchases annually.
The Trump administration is in the midst of completing a study on the effects of the EU's trade surplus with the U.S. and the unbalanced import duties on cars. The EU currently charges a 10% tax on U.S. imports compared to a 2.5% tax on EU cars entering the U.S.
Tesla Tops Model 3 Production Target
Tesla Inc. (TSLA) delivered.
Shares of the electric vehicle maker were jumping 5.8% after Tesla delivered 40,740 vehicles in the second quarter, of which 18,440 were the Model 3, 10,930 were Model S and 11,370 were Model X.
The company maintained its full-year 2018 target of delivering 100,000 S and X models.
Overall, the company produced 53,229 vehicles in the second quarter, a 55% increase from the first quarter, making second quarter 2018 the most productive three-months of operation in the company's history.
As has been the Tesla's habit, the company ramped up Model 3 production in the final week of the quarter to hit its prediction of producing at least 5,000 Model 3 vehicles a week. Tesla reported producing 5,031 Model 3 vehicles, 1,913 Model S vehicles and Model X vehicles combined in the final week of the quarter.
Overall, the company produced 28,578 Model 3 vehicles, exceeding the combined number of Model S and Model X vehicles (24,761) produced in the quarter for the first time ever.
Tesla expects to increase Model 3 production to 6,000 per week by late August.
U.S. futures were starting July trading on a sour note, falling across the board as markets look to steady after a volatile six months of trading in the first half of the year.
Dow futures were falling 0.61%, indicating an open 147 points lower, while Nasdaq futures fell 0.64%, indicating an open 45 points lower, and S&P futures declined 0.51%, indicating an open 14 points lower.
Asian markets had one of the worst days of trading Monday with the Shanghai Composite and Nikkei dropping 2.52% and 2.21% respectively. The Hang Seng was the lone market in the green, rising 1.56% on the day.
European markets were equally dismal, with the FTSE 100 dropping 0.92%, the CAC 40 declining 0.78% and the DAX falling 0.33% with about four hours left in trading.