US stocks rise as investors weigh rising oil prices against China's economic reopening

• US stocks moved higher on Monday as investors weigh rising oil prices against a reopening of China's economy.
• WTI Crude Oil prices briefly surged above $120 per barrel on Monday for the first time since March.
• Apple investors are watching the WWDC event, in which it is expected to unveil new hardware products.

US stocks edged higher on Monday as investors weight a continued rise in oil prices against a reopening of China's economy.

China's economic reopening, which was virtually shutdown for two months amid a surge in COVID-19 cases, could help ease the ongoing supply chain disruptions that have plagued companies throughout the pandemic over the past two years. Popular Chinese stocks like Alibaba and JD.com surged upwards of 7% on Monday.

But as China reopens, demand for oil will increase, which has put upward pressure on the price of the commodity Monday morning. WTI Crude Oil briefly topped $120 in early Monday trades, hitting its highest level since early March.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

• S&P 500: 4,152.41, up 1.07%
• Dow Jones Industrial Average: 33,117.31, up 0.66% (217.61 points)
• Nasdaq Composite: 12,199.65, up 1.56%

Oil isn't the only commodity moving higher on Monday. Wheat prices surged 4% against a backdrop of poor harvests in the US and a potential India-Egypt grain-for-fertilizer trade deal.

Shares of ride-hailing company Didi soared 66% on Monday after a report said China is set to end its cybersecurity probe and allow new users to download and use Didi's mobile app. China launched its security probe of Didi last year and was unhappy with its decision to list its shares on the New York Stock Exchange.

Elliott Management sued the London Metal Exchange for $456 million over the commodities hub's suspension of nickel trading in March. The activist hedge fund, which was founded by billionaire investor Paul Singer, filed a lawsuit stating the LME unlawfully canceled nickel trades it had made on March 8, after the nickel price surged 250% to above $100,000 a ton.

Oil prices were about flat after briefly rising above $120 per barrel Monday morning. West Texas Intermediate crude oil rose as much as much as 1.75% to $120.99 per barrel. Brent crude, oil's international benchmark, rose as much as 0.14% to $119.89.

Bitcoin jumped 0.64 % to $31,437. Ether prices rose 1.78% to $1,910.

Gold rose as much as 0.28% to $1,855.40 per ounce. The yield on the 10-year Treasury rose 2 basis points to 2.98%.