Morning Action @ 7am – Friday, May 31st 2024
# In early action, Gift Nifty is seen flirting above the dotted lines on reports that ‘Southwest monsoon arrives in Kerala’
# Overnight, Wall Street tumbled hard as Dow Jones dived 330 points as investors digested a number of disappointing corporate earnings reports (Salesforce (CRM) 19.7% tumble).
A drop in Salesforce shares was to blame for the Dow’s latest decline. Microsoft was another poor performer.
# `The negative takeaway was that the Dow Jones logged its largest 3-day loss since October 2023.
# Traders now look ahead to Friday's key ‘the personal consumption expenditures price index’ to be wired at 6:00 PM IST.
The Federal Reserve’s preferred inflation gauge could be a positive catalyst in market sentiment, if it shows inflation is cooling down.
# Long story short: Caution shall continue to be the buzzword ahead of Exit Poll results which will start to trickle in on Saturday, June 1st at 6:30 PM IST.
7am GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (+21, 22684)
# Dow Futures: (-27, 38085)
# Nasdaq 100 Futures (-60, 18470)
# Nikkei (+169, 38223)
# Hang Seng (+179, 18409)
# Dow Jones (-330, 38111)
# Nasdaq (-184, 16737)
# Bovespa (CLOSED, 122707).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# At Thursday’s close, the Nasdaq Composite was down 1.1% at 16,737 and the S&P 500 was off 0.6% at 5,235. The Dow Jones Industrial Average fell 0.9% to 38,111.
# The losses at Wall Street was despite a downwardly revised first-quarter gross domestic product (GDP) (1.3% vs 1.6% initial reading) boosted expectations that the Federal Reserve could start cutting interest rates as soon as September.
# *Well, the trading revolves around when the first-rate cut will come from the Federal Reserve. Please note, any sticky inflation data from here-on still has the potential to trigger bigger market volatility.*
# WTI crude oil prices are struggling at $77.67 per barrel amidst concerns over continued high interest rates by the Federal Reserve.
# COMEX Gold consolidates at $2,343.
Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors
# In early action, Gift Nifty is seen flirting above the dotted lines on reports that ‘Southwest monsoon arrives in Kerala’
# Overnight, Wall Street tumbled hard as Dow Jones dived 330 points as investors digested a number of disappointing corporate earnings reports (Salesforce (CRM) 19.7% tumble).
A drop in Salesforce shares was to blame for the Dow’s latest decline. Microsoft was another poor performer.
# `The negative takeaway was that the Dow Jones logged its largest 3-day loss since October 2023.
# Traders now look ahead to Friday's key ‘the personal consumption expenditures price index’ to be wired at 6:00 PM IST.
The Federal Reserve’s preferred inflation gauge could be a positive catalyst in market sentiment, if it shows inflation is cooling down.
# Long story short: Caution shall continue to be the buzzword ahead of Exit Poll results which will start to trickle in on Saturday, June 1st at 6:30 PM IST.
7am GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (+21, 22684)
# Dow Futures: (-27, 38085)
# Nasdaq 100 Futures (-60, 18470)
# Nikkei (+169, 38223)
# Hang Seng (+179, 18409)
# Dow Jones (-330, 38111)
# Nasdaq (-184, 16737)
# Bovespa (CLOSED, 122707).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# At Thursday’s close, the Nasdaq Composite was down 1.1% at 16,737 and the S&P 500 was off 0.6% at 5,235. The Dow Jones Industrial Average fell 0.9% to 38,111.
# The losses at Wall Street was despite a downwardly revised first-quarter gross domestic product (GDP) (1.3% vs 1.6% initial reading) boosted expectations that the Federal Reserve could start cutting interest rates as soon as September.
# *Well, the trading revolves around when the first-rate cut will come from the Federal Reserve. Please note, any sticky inflation data from here-on still has the potential to trigger bigger market volatility.*
# WTI crude oil prices are struggling at $77.67 per barrel amidst concerns over continued high interest rates by the Federal Reserve.
# COMEX Gold consolidates at $2,343.
Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors