Indian markets are poised for a cautious start on Thursday following mixed signals from the global tech sector. Despite Nvidia’s robust second-quarter earnings, a less optimistic revenue forecast has moderated the AI-driven enthusiasm that elevated the company to the second-highest market value globally.Investors are also keenly awaiting the Federal Reserve’s preferred inflation measure, expected on Friday, which may provide insights into potential U.S. interest rate cuts.Locally, attention is focused on the impending Annual General Meeting (AGM) of Reliance Industries, alongside the anticipated volatility linked to the monthly expiration of derivative contracts, which could influence market dynamics as the day unfolds.On Wednesday, benchmark indices Sensex and Nifty closed slightly higher after a turbulent session, buoyed by IT stocks. However, the rupee weakened, dropping by 3 paise to settle at 83.96 against the U.S. dollar.This morning, Asian markets are trading in negative territory, while the dollar is maintaining its gains, attributed to month-end buying and technical factors. Oil prices have steadied after a two-day decline, driven by worries over Chinese demand.Gold prices edged up following remarks from Raphael Bostic, President of the Federal Reserve Bank of Atlanta, suggesting it “may be time” to reduce interest rates, although he awaits further data before fully endorsing such a move.In the U.S., equities closed lower overnight. Tech stocks faced selling pressure ahead of Nvidia’s earnings and the upcoming PCE data release on Friday. Specifically, the Dow Jones Industrial Average dipped by 0.4%, the S&P 500 fell by 0.6%, and the Nasdaq Composite decreased by 1.1%.Conversely, European stocks extended their gains for a second consecutive session on Wednesday, with the pan-European STOXX 600 rising by 0.3%, reaching its highest level since mid-July. Germany’s DAX increased by 0.5%, France’s CAC 40 gained 0.2%, while the U.K.’s FTSE 100 closed slightly lower.The material has been provided by InstaForex Company – www.instaforex.com
- J&J Announces Promising Phase 1b/2 Data For Amivantamab Combination In Metastatic Colorectal Cancer - September 14, 2024
- DIRECTV Reaches Agreement To Restore Disney Networks And Streaming Services - September 14, 2024
- Pfizer : Phase 2 Study Of Ponsegromab In Cancer Cachexia Meets Primary Endpoint - September 14, 2024
