US markets drift lower ahead of budget statement

15:00 13/09/2017
StockMarketWire.com - Wall Street started today's session in negative territory, ahead of this evenings budget statement and despite a spike in oil prices after the International Energy Agency upwardly revised its demand forecasts for 2017.

Shortly after the open, the Dow was down 0.02% at 22,113.44, the S&P 500 by 0.1% at 2,494.08 and the Nasdaq by 0.22% at 6,440.2.

Meanwhile, European markets were mixed, with the FTSE 100 down by 0.28% and the DAX and CAC 40 remaining largely unchanged.

COMMODITIES

At around 2:40pm (GMT) WTI was 0.89% higher at $48.66 per barrel and Brent was up by 0.63% at $54.61 per barrel.

Gold was 0.1% firmer at $1,334 an ounce, while silver was down by 0.31% and copper by 1.68%.

ECONOMIC NEWS

The US Producer Price Index rose by 0.2% in August, seasonally adjusted, the Bureau of Labor Statistics said today. Core PPI also rose by 0.2%.

In addition, the monthly federal budget statement is due this evening.



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