US stocks retreat as oil drops

US stocks are trading on a softer note as rising Yen and oil price drop is weighing over risk appetite.

At the time of writing, Dow Jones Industrial Average (DJIA) was down 0.83% or 142 points. S&P 500 index traded 15 points or 0.76% lower on the day. Tech heavy Nasdaq was down 42 points or 0.90%.

DJIA Oil and Gas index was down 0.74%. Both oil benchmarks are sliding as fall in US oil inventory is being a one-off kind of data. Plus, markets are also worried about the fading prospects of joint OPEC and non-OPEC output freeze effort.

Among DJIA stocks, Verizon, DuPont, Caterpillar shares were down 2.4% to 1.3% respectively. Meanwhile, moderate strength was seen in United Technologies., and McDonald’s. Traders now await comments from Fed chief Janet Yellen.