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US Stocks To Open Lower As Oil Extends Losses


U.S. stocks look set to open a tad lower on Wednesday as markets remain devoid of any positive triggers. Energy stocks may come under selling pressure as oil extended losses near $50 a barrel on signs of higher output.

Gold prices rose, the dollar fell slightly against other major currencies and Treasuries inched higher as investors await speeches by Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi, due later in the day for further direction.

Ahead of Friday's jobs report from the Labor Department, the monthly private ADP payroll report and the ISM non-manufacturing index, due later in the day may provide further insights into the world's largest economy.

In corporate news, PepsiCo and Monsanto are set to report their financial results later today.

Google is expected to launch the Pixel 2 and Pixel XL 2 tonight in San Francisco.

Retailer Office Depot cut its 2017 profit guidance and said it would buy IT company CompuCom Systems Inc. for about $1 billion.

Asian stocks ended mixed in holiday-thinned trade, while European markets fell slightly in cautious trade.

Spanish banks succumbed to heavy selling pressure after King Felipe VI said Catalan authorities deliberately bent the law with "irresponsible conduct" and the state needs to ensure Spain's constitutional order and rule of law.

In economic releases, the euro area private sector ended the third quarter strongly as output growth accelerated to a four-month high, underpinned by new orders in September, final data from IHS Markit showed.

Eurozone retail sales fell for the second straight month in August, while activity in the U.K.'s services sector expanded at a faster rate than expected in September.

by RTTNews Staff Writer

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