Gift Nifty is pointing to a gap-up start for our stock markets.
Investor optimism is fueled by expectations of:
1) The U.S. is reportedly set to slash tariffs on Indian imports to just 15–16%.
2) Easing US–China trade tensions, with Presidents Donald Trump and Xi Jinping set to meet next week to address tariff disputes and prevent further escalation.
3) Markets are pricing in two additional Fed rate cuts by year-end.
Bottom-line: A super bullish start to Thursday’s trading is quite likely as investors turn to Friday’s CPI report for fresh guidance on monetary policy.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (+345, 26268)
Dow Futures: (-67, 46523)
Nasdaq 100 Futures (+38, 24917)
Nikkei (-667, 48641)
Hang Seng (-63, 25719)
Dow Jones (-334, 46590)
Nasdaq Composite (-213, 22740)
Bovespa (+759, 144844).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
Wall Street seen hitting the speed bump.
Wall Street plunged in Wednesday’s trade as investors, traders and speculators wonder whether this remains a Magnificent 7 market and how long this AI-driven bull run will last.
The 2-big negative catalysts:
1) No end to the US government shutdown in sight.
2) Mixed-to-mostly-negative performance among the Magnificent 7 stocks that had driven the prodigious rally off April’s Liberation Day lows.
Gold prices ($4,050 per ounce) traded lower as traders booked profits following recent record rallies. On Tuesday, bullion had plunged over 5%, marking its steepest daily drop since August 2020.
Please note, gold remains up 60% year-to-date, supported by expectations of further Federal Reserve easing and ongoing geopolitical uncertainties
WTI crude oil futures have jumped towards $60 per barrel, reaching a two-week high, following the US announcement of sanctions on key Russian oil companies. The US has banned state-owned giants Rosneft PJSC and Lukoil PJSC, in a move aimed at increasing pressure on the Kremlin over Moscow’s lack of commitment to peace in Ukraine.
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