U.S. Stocks Open Higher, Durable Goods Orders Fall More Than Expected

U.S. Stocks Open Higher, Durable Goods Orders Fall More Than Expected

U.S. stocks opened modestly higher Tuesday. A gauge of U.S. business investment spending plans rebounded in May, offering a tentative sign of stabilization in the manufacturing sector after activity weakened sharply early this year. But the lingering effects of lower oil prices and a strong dollar will continue to constrain factory activity for a while. The Commerce Department said on Tuesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.4 percent last month. These so-called core capital goods orders slipped 0.3 percent in April. Blackberry (BBRY) did report a bigger loss than analysts were expecting, and BlackBerry's overall sales missed Wall Street's forecasts. The company once again reported positive cash flow. Its cash balance grew from the previous quarter. And software sales more than doubled and now account for 20% of the company's revenue. Uber Technologies Inc. is getting a big Chinese backer as the ride-sharing service revs up for an initial public offering. Chinese fund manager Hillhouse Capital Group is leading an investment in Uber that involves purchasing bonds that convert into shares at a discount to the ride-hailing company’s IPO price, according to people familiar with the situation.