Data showed today that both the manufacturing and services sectors in the US slowed in November.

The US manufacturing PMI fell to 59.1 points in November, missing forecasts of 59.3 points.

The services PMI fell to 57 points in November from 58.7 points in the previous reading, missing forecasts of 59.1 points.

Most of the US stock indices fell on Tuesday, as the markets focused on the impact of Jerome Powell's nomination as Federal Reserve Chairman.

US President Joe Biden renewed confidence in Powell's steady leadership in times of crisis, which comes amid rising inflation in the US.

Biden's administration announced the release of 50 million barrels of strategic oil reserves, in coordination with China, India, Japan, Britain and South Korea.

The White House commented on the step by saying that the Biden administration is ready to take more measures to balance the market.

OPEC and its independent allies are expected to study this step impact on the market.

As for stocks, Dow Jones fell less than 0.1% or 8 points to 35,610 as of 15:31 GMT, and S&P 500 fell 0.2% or 10 points to 4,672, while Nasdaq fell 0.7% or 120 point to 15,732.

Palladium prices fell on Tuesday, while the US dollar held against most currencies, amid fears over a weak global demand.

Palladium and platinum prices were lifted recently by the continuing crisis of electronic chips, which hindered the global auto industry and lowered the demand for the metals used in this industry.

Palladium is heavily used in the manufacturing of car components that reduce polluting emissions, and also in the manufacturing of electric cars, and demand has increased in recent years due to efforts to combat the global climate change.

The dollar index fell against a basket of major currencies by less than 0.1% to 96.5 points as of 14:30 GMT, after hitting a high of 96.6 points and a low of 96.3 points.

Palladium December futures fell 1.3% to $1,925.5 an ounce as of 14:31 GMT.

The US dollar rose against a basket of currencies on Tuesday, to head for the third daily gain in row, near a 16-month peak thanks to improved demand, after the White House nominated Jerome Powell to serve as the chairman of the Federal Reserve, and ahead of key economic data in the US.

The dollar index rose 0.1% to 96.60 points, after opening at 96.46 points, and hit a low at 96.30 points.

The index gained 0.45% yesterday, after the White House announced the nomination of Jerome Powell.

The White House has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term ending in 2026, and also Lael Brainard to serve as the Fed’s vice chair.

This step fueled expectations that the central bank will maintain its monetary policy as the economy recovers from the pandemic, amid increased bets that of an interest rate hike in 2022.

At 14:45 GMT, the US Flash Manufacturing PMI reading for November will be released, which is expected up to 59.3 points from 58.4 points in October, and the services PMI reading is expected at 59.1 points from 58.7 points.