US stocks steady at open amid signs of stability in oil prices

Haresh Menghani FXStreet

Major US equity indices witnessed a mildly positive opening on Wednesday amid some signs of stability in oil markets.

A modest recovery in oil prices, with WTI crude oil bouncing off near seven-month low, was seen supporting investors’ appetite for riskier assets - like equities. Later during the NY session, the weekly supply report from the US Energy Information Administration (EIA) would drive sentiment around oil markets and provide some fresh impetus.

Early up-move, however, lacked any strong momentum as investors remained concerned that continuous slide in oil prices would be bad for inflation or might even lead to disinflationary pressure.

At the time of writing, the Dow Jones Industrial Average and the broader S&P 500 Index were nearly unchanged from yesterday's closing level. Meanwhile, tech-heavy Nasdaq Composite Index outperformed and climbed around 25-points to move back above 6,200 mark.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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