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US stocks drop ahead on weak global cues

FXStreet (Mumbai) - The stock markets in the US retreated on Thursday tracking weakness in the commodity prices and global stock markets.

At the time of writing, the Dow Jones Industrial Average (DJIA) was down 150 points. The S&P 500 was down 14 points. On similar lines, the tech index Nasdaq was down in the red as well.

Among DJIA stocks, the top loser spot goes to Caterpillar; down 2.2%. On the other side, United Technologies was up 0.37%. The Dow Jones Oil and Gas index dropped more than 1% as the oil prices fell after the OPEC kept its global demand growth forecasts unchanged.

Investors will be closely watching comments from Fed officials for further hints on the timing of the liftoff.

In Europe, the stock markets took a hit as well. Germany’s DAX fell 1%, even though the ECB President Draghi reiterated that the bank would reassess the need to do more monetary easing at December easing.

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