Midday Report: Crude Oil Sees Sharp Selloff, But Wall Street Rises; Factory Orders Dip in May

Summary: Wall Street was mostly higher even as crude oil suffered a sharp selloff. Oil tumbled by more than $1 as Russia knocked back the chances of deeper OPEC output cuts. Energy was the worst performer, while tech was the best. Factory orders in the U.S. in May declined by 0.8%, according to the Census Bureau. The dip was slightly steeper than anticipated. New orders for manufactured goods have declined for two months in a row. Oracle Corp. was higher after being upgraded to OVERWEIGHT from SECTOR WEIGHT at KeyBanc. Analysts are confident in the company's ability to sell existing customers on its cloud services. Tesla Inc. sank on news its second-quarter deliveries fell short of Wall Street estimates. The company delivered 22,000 cars in the second quarter, roughly 2,000 below expectations.