US stocks open in red, sharp slide in oil prices weigh
|Major US equity indices opened sharply lower on Wednesday as investors turned cautious amid a sharp slide in oil prices and disappointing earnings results from some big-names.
At open, the Dow Jones Industrial Average lost around 75 points and dipped below 18,100 mark. Meanwhile, the broader S&P 500 index fell 8 points to 2,135 and tech-heavy Nasdaq Composite index dropped over 25 points to 5,255.
A continuous slide in oil prices, with WTI crude oil extending its weakness further below $50.00 psychological mark, is exerting pressure on energy stocks and weighing on key indices. Moreover, disappointing quarterly earnings results from Apple Inc. kept investors on the sidelines and has led to a follow through weakness after a downbeat day on Tuesday, led by disappointing consumer confidence data.
In other markets, Asian stock markets closed mostly lower, while European indices were also trading in negative territory. Meanwhile, gold was confined in a narrow trading range as markets now await for this week's key US macro release, advance Q3 GDP release from the US.
In currency market, the greenback, as measured by the overall US Dollar index witnessed some profit-taking move across the board and extended Tuesday's retracement from nearly nine-month highs.
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