US stocks poised for first weekly drop in seven weeks

By FXStreet FXStreet (Mumbai) – The stock markets in the US opened on a softer note tracking the losses in oil prices and extended losses as the weaker-than-expected retail sales added to the bearish pressure on stocks.

At the time of writing, the Dow Jones Industrial Average (DJIA) was down 143 points. The S&P 500 was down 163 points, while the Nasdaq was down 50 points.

Shares in Cisco dropped 5%, along with a 4% drop in Nike shares. Meanwhile, Caterpillar shares have managed to advance 0.13%. The DJIA Oil and Gas index was down 1.2%, tracking the sharp drop in the oil prices.

The data released earlier today showed the retail sales grew less than forecast in October, while the wholesale prices dropped. However, the data did not have any effect in the Fed rate hike bets, which still point to a liftoff in December.
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Source:: FX Street