US equity indices retreats after recent up-surge to record levels

On the first day of a fresh trading week, major US equity indices opened lower, with both the Dow Jones Industrial Average (DJIA) and the broader S&P 500 index snapping four-sessions winning streak.

During opening trade, DJIA backed-off over 40-points to 19110, while S&P 500 lost over 3-points to 2,210. Meanwhile, tech-heavy Nasdaq Composite Index fell around 15-points to 5,385. On Friday all the three major US equity indices closed higher and recorded third consecutive weekly gains amid holiday-shortened week.

Optimism surrounding OPEC-output deal, helping crude oil prices to reverse early losses and surge to $47.00/barrel mark failed to boost investor sentiment amid near-term overbought conditions. 

There were now market-moving data, scheduled for release on Monday and focus would be on Tuesday's first revision of the US GDP growth rate for the third quarter of 2016. This week's key focus, however, would remain on the keenly awaited NFP data for the month of November. 

Also in focus would be speeches from various FOMC members, which would now be looked upon for clues over the Fed's monetary policy outlook, beyond December meeting, and might provide fresh impetus for the markets.

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