US open: Stocks move lower, oil pressured by IEA forecasts
- Job openings ahead of forecasts
- Oil futures slip lower
- Traders eye Russian convoy heading to Ukraine
Dow Jones Industrials: -0.10%
Nasdaq Composite: -0.23%
S&P 500: -0.15%
The main US equity averages were registering small declines in early trading as traders continued to keep a bead on the latest events in Ukraine.
Russia said it would send 280 trucks carrying humanitarian aid across the border.
Meanwhile, figures from European powerhouse Germany showed that economic sentiment was worse than expected in August, as professional investors' sentiment took a hit from the recent geopolitical tensions in the east.
The Bureau of Labor Statistics' latest job openings and labour turnover survey (JOLTS) showed job openings at a 13-year high, rising by 90,000 to hit 4.67m (consensus: 4.55m) in June, versus a revised 4.58m in May.
In other macro news, the National Federation of Independent Business' small business optimism index increased from 95 to 95.7 in July, slightly short of the 96 consensus estimate.
In corporate news, Apple shares were higher ahead of the bell amid speculation that the company has started production of new iPad models.
Large drop in crude futures
US 10-year Treasury yields are edging higher by one basis point to 2.43%.
Front month West Texas crude futures are now slipping 0.93% to the $97.17/barrel mark on the NYMEX.
In a report released on Tuesday the IEA said: "Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin."
AB