The markets advanced during the midday with the Dow gaining 42 points to 24,141. Nasdaq climbed 20 points to 7150.
Tesla has been sued by Nikola Motors for infringing on three patents related to the design of an electric truck. Nikola has alleged that Tesla copied the design of its Nikola One truck including the wraparound windshield, mid-entry door and fuselage. Utah-based Nikola claims that confusion between the two trucks has caused Nikola to lose sales and is seeking $2 billion in damages.
Amazon has offered to acquire a 60% stake in Indian e-commerce company Flipkart. Meanwhile, Walmart has been in discussions to invest in Flipkart for several years and is reportedly close to signing a deal to take up to an 80% stake in the eleven year old company. The Amazon offer included a non-compete agreement and a $2 billion break-up fee.
A U.S. trade delegation will meet with China's Vice Premier Liu He on Thursday to discuss proposed tariffs, trade deficits, and related economic issues. The U.S. delegation includes Secretary of Treasury Steve Mnuchin, Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer and White House National Economic Council Director Larry Kudlow. President Donald Trump has said that tariffs on Chinese imported products will take effect if the two sides fail to reach an agreement.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 edged up a point to 2,656. Bitcoin added $14 to $9,092.