Morning Action @ 7am – Thursday, May 23rd 2024
# Gift Nifty is bit hesitant this Thursday morning and blame the pessimism on hawkish Fed minutes.
# Overnight at Wall Street, the key benchmarks fell as the S&P 500 broke its three-day winning streak, after minutes from the latest Fed meeting spooked traders.
In extended trading, Nasdaq jumped on back of a strong earnings report from Nvidia (+6%) posting higher-than-expected first quarter earnings and revenue amid robust demand for AI chips. The company also announced a 10-for-1 stock split
7am GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (-39, 22655)
# Dow Futures: (-59, 39613)
# Nasdaq 100 Futures (+87, 18792)
# Nikkei (+215, 38833)
# Hang Seng (-171, 19024)
# Dow Jones (-202, 39671)
# Nasdaq (-31, 16802)
# Bovespa (-1762, 125650).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# The latest FOMC minutes which showed policymakers grew more concerned about the lack of progress on curbing inflation in the US economy, indicating they are willing to tighten monetary policy further if needed.
# The Dow Jones Industrial Average was down 201 points, or 0.5%. The S&P 500 was down 0.3%. The Nasdaq Composite was down 0.2%
# The 10-year US Treasury yield rose to 4.433%.
# In Tuesday’s session, the trading theme also revolved around Federal Reserve official Governor Christopher Waller who reiterated what central bankers have been saying for a while now—the Fed needs to see inflation come down sustainably over the next several months before it can start cutting interest rates.
# WTI crude oil prices have fallen towards $77.13 per barrel due to concerns over continued high interest rates by the Federal Reserve.
# COMEX Gold slips hard at $2,79.
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.
# Gift Nifty is bit hesitant this Thursday morning and blame the pessimism on hawkish Fed minutes.
# Overnight at Wall Street, the key benchmarks fell as the S&P 500 broke its three-day winning streak, after minutes from the latest Fed meeting spooked traders.
In extended trading, Nasdaq jumped on back of a strong earnings report from Nvidia (+6%) posting higher-than-expected first quarter earnings and revenue amid robust demand for AI chips. The company also announced a 10-for-1 stock split
7am GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (-39, 22655)
# Dow Futures: (-59, 39613)
# Nasdaq 100 Futures (+87, 18792)
# Nikkei (+215, 38833)
# Hang Seng (-171, 19024)
# Dow Jones (-202, 39671)
# Nasdaq (-31, 16802)
# Bovespa (-1762, 125650).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# The latest FOMC minutes which showed policymakers grew more concerned about the lack of progress on curbing inflation in the US economy, indicating they are willing to tighten monetary policy further if needed.
# The Dow Jones Industrial Average was down 201 points, or 0.5%. The S&P 500 was down 0.3%. The Nasdaq Composite was down 0.2%
# The 10-year US Treasury yield rose to 4.433%.
# In Tuesday’s session, the trading theme also revolved around Federal Reserve official Governor Christopher Waller who reiterated what central bankers have been saying for a while now—the Fed needs to see inflation come down sustainably over the next several months before it can start cutting interest rates.
# WTI crude oil prices have fallen towards $77.13 per barrel due to concerns over continued high interest rates by the Federal Reserve.
# COMEX Gold slips hard at $2,79.
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.