US equity indices turn mildly lower, OPEC-deal uncertainty weigh

US equity market witnessed a muted opening on Tuesday as investors remained skeptic over possibilities of an OPEC-deal over planned cut in output. The cartel is due to hold a formal meeting in Vienna on Wednesday.

During early trade, all the major US indices were little changed from Monday's closing level, with the Dow Jones Industrial Average opening up around 8-point at 19,105 and the broader S&P 500 index absolutely flat at 2,202. Meanwhile, tech-heavy Nasdaq Composite held steady at 5,376, recording minor gains of around 7-points. 

All the major indices, however, quickly reversed their course and drifted into negative territory as sharp slide in oil prices was seen weighing on investor sentiment. 

On the economic data front, the second estimate of US GDP showed the economy grew at an annualized rate of 3.2% in the third quarter of 2016, marking its fastest pace in over two years.  The reading surpassed consensus estimate pointing to a 3.0% annualized growth rate and 2.9% reported previously.

In other markets, the overall US Dollar Index regained traction and held steady above 101.00 level. Stronger greenback was seen undermining demand for dollar-denominated commodities - like gold and oil, which were seen trading with losses on Tuesday.