Tesla shares gain on Tencent stake; US stocks flat

Wall Street stocks were steady in early trading Tuesday with shares of Tesla boosted by news that China's Tencent Holdings took a stake in the US electric car maker.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 20,542.07, down less than 0.1 percent.

The Dow has fallen the last eight sessions and another loss at the closing bell would mean the first nine-day losing streak since 1978.

However, the broader S&P 500 index was up slightly at 2,341.66, while the tech-rich Nasdaq Composite Index added 0.1 percent to 5,379.29.

The muted trading was a prolongation of the trend since President Donald Trump's health care reform law died in Congress late last week. But investors continue to hold out hope Trump will succeed in advancing tax cuts in Washington.

Tesla Motors advanced 2.4 percent after Tencent disclosed in a US securities filing that it bought a five percent stake in the US company for $1.8 billion. The Chinese technology company runs WeChat, the world's most popular messaging service, as well as many mobile game platforms.

Darden Restaurants, which owns Olive Garden and other chains, shot up 7.1 percent after reporting that third-quarter net profit rose 56.6 percent from the year-ago period to $165.6 million.