US stocks fall in early trading after Powell's nomination

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.