The markets traded mixed during the midday with the Dow rising 14 points to 19,771. Nasdaq dropped 42 points to 5,401.
Microsoft co-founder and billionaire philanthropist Bill Gates will partner with fellow business and technology leaders to create a $1 billion investment fund to support clean energy research and development. Amazon founder and chief executive Jeff Bezos as well as Alibaba founder and executive chairman Jack Ma have also committed to investing in Breakthrough Energy Ventures to combat climate change. The fund "will finance emerging energy breakthroughs that can deliver affordable and reliable zero carbon emissions."
Honda Motor has invested in Grab and will partner with the Southeast Asian ride-hailing service to develop ride-sharing technology. Grab currently offers taxi service, motorbike hailing, and carpooling. Chinese ride-hailing service Didi Chuxing has also invested in Grab.
Non-OPEC oil producing nations agreed on Saturday to support OPEC's production cut by lowering their output by 558,000 barrels per day. The reduction is the greatest amount ever by non-OPEC oil producers. OPEC had announced a 1.2 million bpd cut in November to reduce the global supply glut and increase prices.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index lost 5 points to 2,254. Bitcoin soared $12 to $775.
