Morning Action @ 7am – Wednesday, June 5th 2024
# Wall Street was choppy in Tuesday’s trade but the positive takeaway was that eventually US stocks settled in positive territory.
# The positive catalyst: The latest jobs data lifted expectations for a September rate cut
# The job openings (the Job Openings and Labor Turnover Survey), fell to a three-year low of 8.1 million in April, below the 8.35 million economists were expecting.
# According to CME Group's Fed Watch Tool, the probability of this occurring rose to 56% following the release of the JOLTS survey from yesterday's odds of 51%.
# In early action, Gift Nifty is treading water despite PM Modi in victory speech tells that NDA is set to form govt for third time, a first since 1962.
Long story short: Bulls will aim to regroup at lower levels.
7am GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (-48, 22052)
# Dow Futures: (+40, 38751)
# Nasdaq 100 Futures (+31, 18685)
# Nikkei (-452, 38395)
# Hang Seng (+46, 18490)
# Dow Jones (+140, 38711)
# Nasdaq (+28, 16857)
# Bovespa (-230, 121802).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# In Tuesday’s trade at Wall Street, US stocks moved higher on signs the red-hot labor market is cooling. Well, this lifted expectations that the Federal Reserve will issue its first quarter-point rate cut in September.
As for the main indexes, the S&P 500 rose 0.2% to 5,291, the Nasdaq Composite added 0.2% to 16,857, and the Dow Jones rose 0.4% to 38,711.
# WTI crude oil prices tumbled towards $73.10 per barrel amidst concerns over continued high interest rates by the Federal Reserve.
# COMEX Gold consolidates at $2,327.
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
# Wall Street was choppy in Tuesday’s trade but the positive takeaway was that eventually US stocks settled in positive territory.
# The positive catalyst: The latest jobs data lifted expectations for a September rate cut
# The job openings (the Job Openings and Labor Turnover Survey), fell to a three-year low of 8.1 million in April, below the 8.35 million economists were expecting.
# According to CME Group's Fed Watch Tool, the probability of this occurring rose to 56% following the release of the JOLTS survey from yesterday's odds of 51%.
# In early action, Gift Nifty is treading water despite PM Modi in victory speech tells that NDA is set to form govt for third time, a first since 1962.
Long story short: Bulls will aim to regroup at lower levels.
7am GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (-48, 22052)
# Dow Futures: (+40, 38751)
# Nasdaq 100 Futures (+31, 18685)
# Nikkei (-452, 38395)
# Hang Seng (+46, 18490)
# Dow Jones (+140, 38711)
# Nasdaq (+28, 16857)
# Bovespa (-230, 121802).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# In Tuesday’s trade at Wall Street, US stocks moved higher on signs the red-hot labor market is cooling. Well, this lifted expectations that the Federal Reserve will issue its first quarter-point rate cut in September.
As for the main indexes, the S&P 500 rose 0.2% to 5,291, the Nasdaq Composite added 0.2% to 16,857, and the Dow Jones rose 0.4% to 38,711.
# WTI crude oil prices tumbled towards $73.10 per barrel amidst concerns over continued high interest rates by the Federal Reserve.
# COMEX Gold consolidates at $2,327.
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