Stocks are trading mixed this morning, and economic news in the spotlight includes the Chicago purchasing managers index (PMI) for June, as well as another new record high for crude oil. First up, businesses in the Chicago area reported a continued, if slightly improved, contraction during the month of June. The index edged from May's reading of 49.1% up to 49.6%, marking the fifth consecutive month below the key 50% benchmark. (Readings above 50% indicate growth, while readings below 50% point to contraction.) Meanwhile, the prices-paid index fell to 85.5% from the prior reading of 87.7%, which suggests that most businesses are paying higher input costs.

Elsewhere, August-dated crude oil tapped a new record high early in the session. The contract rose as high as $143.67 per barrel in electronic trading, easily toppling Friday's intraday peak of $142.99. At last check, crude for August delivery was hovering near $142.50 per barrel. Edward Meir of MF Global attributed black gold's early gains to "some rather belligerent weekend comments made by the Iranians."

Despite a shaky start to the session, all 3 of our broad-market indices are climbing into positive territory at last check. The Dow Jones Industrial Average (DJIA) earlier fell to its third-straight annual low of 11,287.56, but has since bounced back to gain more than 40 points. The S&P 500 Index (SPX) is up 7 points, while the Nasdaq Composite (COMP) is holding close to breakeven.