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US stocks drop on weak global cues

FXStreet (Mumbai) - The stock markets in the US retreated on weak global cues, but losses remain capped due to the uptick in oil and other commodity prices.

At the time of writing, the Dow Jones Industrial Average (DJIA) was down 0.30% or 57 points. The S&P 500 was down 0.45% or 9 points, while the Nasdaq was down almost 0.60%.

Shares in Chevron and Exxon Mobil were up 1.3% and 1.0% respectively. The losing side included names like Walt Disney and United Technologies. Barring the Oil and Gas index, all other DJIA indices were in red.

The terrible news about the downing of the Russian jet and the sharp losses seen in the European stocks is keeping the mood risk-off today. The DAX and STOXX Europe 600 came off lows, but are still down 1.4%.
Meanwhile, both WTI and Brent traded more than 3.5% higher amid the increased geopolitical tension in the Middle East.

On the data front, the US Q3 GDP printed in line with estimates at 2.1%. Consumer confidence came in at 90.4 for November. The figure was expected to rise to 99.5 from 97.6.

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