Stocks fell on Tuesday morning as crude oil slumped because of higher estimates for increased production worldwide.
S & P500 fell by 0.54%, DJIA by 0.35% and the Nasdaq 0.6%.
Crude oil tumbled after OPEC raised its forecasts for non-member output this year as demand grows and activity in shale production rises.
The energy sector was the worst on Tuesday as major oil companies HAL, CVX, XOM, TOT and BP declined.
The Producer Price Index (PPI) in the US rose by 0.3%, which is 3 times more than forecast.
Probably the low volume of trading on Wall Street is due to the blizzard in New York, which blocked the streets because of snow drifts. Non-essential travel has been banned and the city's schools have been shut. More than 5,000 flights had been cancelled.
Trading was relatively quiet so far as investors sit in wait for Fed decision on interest rates on Wednesday afternoon. There will probably be increased by 0.25 basis points, especially since data jobs in February came out much higher than expected.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.