Gift Nifty is pointing to a higher start indicating Nifty is on track for a solid rebound as bulls shrug-off downbeat readings on the US manufacturing activity that’s spooking bullish sentiments at Wall Street.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (+96, 25362)
Dow Futures: (-9, 40966)
Nasdaq 100 Futures (+17, 18937)
Nikkei (-233, 36807)
Dow Jones (+38, 40975)
Hang Seng (+13, 17470)
Nasdaq (-52, 17084)
Bovespa (+1757, 136111).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
In Wednesday’s trade, the S&P 500 and Nasdaq Composite fell 0.16% and 0.3%, respectively, declining for the second straight session. Meanwhile, the Dow eked out 0.09% gains.
The trading theme primarily revolved around renewed recession fears triggered on backdrop of weak manufacturing data which was rattling the market sentiments.
Investors are anxiously awaiting Friday’s US August jobs report for more insight into how the labor market is really holding up. A lukewarm report could send recession fears spiking and stocks spiralling.
On the flip side, a resilient report would be welcome for stock markets across the globe. The perma-bulls are hoping for a soft landing for the US economy to keep rolling.
WTI Oil futures continue to trade below the $70 per barrel.
COMEX Gold consolidates near $2497 per ounce. Please note, Gold prices are up more than 21% for the year to date.
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