US stocks mildly positive, capped by renewed weakness in oil
|Major US equity indices traded with neutral bias, seesawing between tepid gains and minor losses, during early hour of trading on Tuesday.
At the time of reporting, the Dow Jones Industrial Average was up 10 points at 18,105, the broader S&P 500 index gained 1 point to 2,147 and tech-heavy Nasdaq composite rose 10 points to 5,267.
A sharp drop in crude oil prices coupled with worries over troubled Deutsche Bank is weighing on investor sentiment and dented demand for riskier assets - like equities.
WTI crude oil fell nearly 3% after both Saudi Arabia and Iran dashed expectations of a fresh production freeze agreement at the closely watched informal major oil producer's meeting on Wednesday. Meanwhile, Goldman Sachs slashed its fourth quarter forecast for crude oil prices to $43/barrel from $50 expected previously, which further contributed towards the selling pressure surrounding the black gold.
Meanwhile, the indices futures had rallied overnight after Democratic candidate Hillary Clinton came out on top at the first US presidential debate against her Republican opponent, Donald Trump, late Monday. The relief rally, however, was restricted by a fresh wave of risk-aversion that seems to have regained its dominance across global financial markets.
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