Overnight Update: US stocks drifted lower in a choppy trading session on Tuesday

Overnight Update: US stocks drifted lower in a choppy trading session on Tuesday. Urban Outfitters slumped after disappointing earnings, while Macy's and JC Penney rallied after an upgrade from analysts. Treasury prices swung higher Tuesday, holding gains after a disappointing auction of 3-year notes as investors shed riskier assets. The dollar rose against the euro after an ECB official said the central bank could still act if necessary, while the Bank of Japan made no change in monetary policy, as expected. Gold futures posted moderate gains. Oil futures fell more than 1%, to settle at their lowest level in a month. Banks led UK stocks lower on Tuesday. European stock markets struggled for direction in a choppy session. London: BHP down 0.55% Rio up 0.49%. New York: BHP down 0.68% Rio up 0.25%. Base metals on the LME traded higher across complex.