Good Morning Early, Readers!!
Gift Nifty takes it on its chin after Wall Street witnesses its worst day of the month amidst broad sell-off.
The Negative Catalysts:
1) Several Fed officials voiced caution over further easing amid persistent inflation. Markets have sharply reduced the probability of a December 25 basis point cut to roughly 50% from about 95% a month ago.
2) Overbought conditions and questions about whether we’re in an AI bubble.
Traders now eye the Bihar elections results to be declared on Friday, November 14th .
6:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (-82, 25842)
Dow Futures: (+115, 47572)
Nasdaq 100 Futures (+59, 25053)
Nikkei (-849, 50433)
Hang Seng (Closed, 27073)
Dow Jones (-798, 47457)
Nasdaq Composite (-536, 22870)
Bovespa (-470, 157162).
In Thursday’s trade, US stocks tumbled hard, with the S&P 500 down 1.5%, the Nasdaq off 1.9% and the Dow giving back its recent record after losing 1.5% amid a broad sell-off in AI-linked names and cooling expectations for near-term Fed easing.
Meanwhile, President Donald Trump signed a short-term spending bill that reopens the federal government through January 30.
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