The US stock market ended in positive territory on Monday, with a change in technology shares taking place before the announcement of a deal between the two companies.
The S&P 500 and the Dow Jones Industrial Average were able to avoid a fourth session of losses thanks to Microsoft.
The board of the company agreed to be taken over by Musk for $54.20 per share. The stock was up 5.66%.
The S&P 500 Energy sector lost 4%. The group was dragged by a selloff in oil prices as Beijing faced a potential lockdown as COVID cases rise. There would be more pressure on the economy of China.
The US indexes were at 4:00 p.m. on Monday.
China, the world's largest crude importer, was set to see a 20% drop in oil demand this month, which would be its biggest oil-demand shock since the coronaviruses outbreak began.
The S&P 500 was working on coming back from last week's slump. The return of corporate buybacks and favorable seasonal trends will help the stock market bounce back this week.
The New York Post reported that the companies that own rival retail store JCPenney made an $8.6 billion bid for the apparel and housewares retailer.
Daniel Yergin, an energy historian, said a ban on Russian crude is the EU's easiest option for sanctions. The price of palm oil went up after Indonesia said it would ban exports.
Big Short investor Michael Burry quit the social networking site again, complaining that he warned people that stocks would tumble.
Some of the day's losses were mitigated by the drop in oil prices. The price of West Texas Intermediate crude fell. The international benchmark lost 3.6%.
The price of gold was $1,900.60 per ounce. The yield on the 10-year bond fell.
The price of the digital currency fell to $39,887.54.
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