Gift Nifty is pointing to a cautious start for our stock markets.
The Negative Catalysts:
1) Sentiments remain wary of new tariffs and trade war talks from the White House.
2) The U.S. government shutdown.
3) Concerns of bad loans in the US resurface. So, hurting sentiments are the US Bank Worries which are Sparking Flight to Safety.
Bottom-line: A bullish consolidation day is quite likely.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (-31, 25613)
Dow Futures: (-59, 45893)
Nasdaq 100 Futures (-7, 24653)
Nikkei (-203, 48075)
Hang Seng (Closed, 25889)
Dow Jones (-301, 45952)
Nasdaq Composite (-108, 22563)
Bovespa (-404, 142200).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
In Thursday’s trade, the Dow Jones Industrial Average fell 301 points, or 0.7%. The S&P 500 was down 0.6%. The Nasdaq Composite was down 0.5%.
Wall Street fell despite Tailwind: Dovish remarks from Fed Chair Jerome Powell have rekindled optimism that the aggressive US rate-cut cycle may begin sooner than expected.
Gold prices ($4356 per ounce) scaled a new all-time-high at $4,365, amidst escalating US-China trade tensions and growing expectations of Federal Reserve rate cuts boosted demand for safe-haven assets.
WTI crude oil futures stayed depressed near $57.37 per barrel, near its five-month low as investors weighed escalating US-China tensions and a bearish outlook from the International Energy Agency. The agency also cut its demand growth forecast, citing a weaker economic outlook, while several industry executives warned that gasoline and diesel demand may have already peaked.
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