-kiyD--621x414@LiveMint_1643850975257.JPG "Stock Market Today: Sensex, Nifty may have a flat to negative start on Thursday")
PremiumIndian indices may witness a flat to negative start on Thursday. The previous three sessions saw the key indices extend gains. Strong earnings from US tech firms on Wednesday helped global stocks close higher. The OPEC+ plans for moderate oil output helped to counter jitters over weak economic reports. On Wall Street, the Dow Jones Industrial Average rose 0.63% and the S&P 500 gained 0.94%. The Nasdaq Composite added 0.5%. Crude oil eyed seven-year highs and the dollar eased. In Asia, among the few markets that are open, shares in South Korea advanced over 2%, while Japan and Australia witnessed decline.
Here is the list of the top 10 stocks that are likely to be in focus on Thursday
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Bond yields from New Zealand to Japan declined as Meta Platforms Inc.’s earnings disappointment added to concern that a faster pace of monetary policy tightening will hurt the global economy.
Eurozone data Wednesday showed inflation unexpectedly quickened to a record last month, fanning speculation that the European Central Bank could raise rates earlier than expected. The Bank of England, meanwhile, is expected to deliver its first back-to-back rate hike since 2004 on Thursday.
-Earnings are due from Amazon, Ford Motor
-Bank of England, European Central Bank rate decisions, Thursday
-Fed Board of Governors confirmation hearing, Thursday
-U.S. factory orders, initial jobless claims, durable goods, Thursday
-U.S. payrolls report for January, Friday
-Winter Olympics kick off in China, Russia’s President Vladimir Putin due to attend opening ceremony, Friday
Though set up as an institution operating above the partisan fray in Washington, the Federal Reserve has again become a political football, with Republicans and business groups attacking President Joe Biden's nominees to serve on the central bank's board.
Biden last month announced a slate of candidates who would at long last fill all the seats of the seven-member board, and include the first Black woman to hold the position since the Fed was founded 108 years ago.
If all are three confirmed, the majority of the board members would be women for the first time, and most would be named by a Democratic president.
Record eurozone inflation will feed a tense debate within European Central Bank over whether to raise interest rates when its policy-setting governing council meets on Thursday, with the bloc under pressure from supply disruptions and high energy prices.
Inflation unexpectedly rose to 5.1 percent in the euro area in January, figures from Eurostat showed on Wednesday, the highest value since records for the currency club began in 1997.
While its counterparts in the United States and Britain are laying the ground for rate hikes in the near future, the ECB has so far expressed little interest in raising borrowing costs this year.
ECB President Christine Lagarde has repeatedly said that a tightening of monetary policy in 2022 was "very unlikely", but the surge in inflation will embolden critics who say action should come sooner.
Tokyo stocks opened lower Thursday as investors' worries grew over the intensifying crisis in Ukraine.
The benchmark Nikkei 225 index dropped 0.88 percent or 242.42 points to 27,291.18, while the broader Topix index fell 0.47 percent or 9.19 points at 1,927.37.
The dollar fetched 114.37 yen, off from 114.42 yen on Wednesday in New York.
The U.S. gave the green light to plans to move more troops to Europe and dispatch soldiers already stationed on the continent further east as it seeks to send a stronger military message alongside its diplomatic efforts with Russia over Ukraine.
About 2,000 soldiers will travel from the U.S. to Europe in the coming days, while 1,000 troops based in Germany will be deployed in Romania, Pentagon spokesman John Kirby said at a briefing. The moves are temporary, he added.
Russia quickly criticized the decision. Moscow has decried the presence of North Atlantic Treaty Organization troops near Russian borders and called for the alliance to withdraw its forces to positions they occupied in 1997, before it expanded into former Warsaw Pact countries.
Futures tracking the Nasdaq 100 Index fell after Facebook parent Meta Platforms Inc. and streaming service Spotify Technology SA plunged in late trading on disappointing outlooks.
March futures tracking the technology-heavy index slid as much as 2.4% to 14,755 in Asia on Thursday, halting a four-day advance. Contracts on the S&P 500 declined 1%, while those on the Dow Jones lost 0.1%.
Gold was steady after a three-day advance, as investors weighed the drop in employment at U.S. companies ahead of a key jobs report, along with simmering geopolitical tensions.
U.S. businesses’ payrolls fell last month by the most since the early days of the pandemic, due to the spread of the omicron coronavirus variant, according to ADP Research Institute data. That release came before Friday’s employment report from the Labor Department.
Newly renamed Meta is investing heavily in its futuristic “metaverse" project, but for now, relies on advertising revenue for nearly all its income. So when it posted sharply higher costs but gave a weak revenue forecast late Wednesday, investors got spooked — and knocked almost $200 billion off the valuation of the company formerly known as Facebook.
Meta’s shares fell 22.6% to $249.90 in after-hours trading. If the drop holds until the market opens Thursday, the company's overall value, known as its market capitalization, is on track to drop by a figure greater than the size of the entire Greek economy, based on data from the World Bank.
Global stocks rallied on Wednesday to close higher as strong earnings from U.S. technology companies and OPEC+ plans for moderate oil output helped to counter jitters over weak economic reports.
Investors also shrugged off the pace of central banks' interest rate hikes.
The STOXX index of 600 European companies rose 0.45%, up for a third straight session, to recoup nearly half its losses during January's global rout in shares.
MSCI's gauge of stocks across the globe gained 0.80%.
Crude oil eyed seven-year highs and the dollar eased. On Wall Street, the Dow Jones Industrial Average rose 0.63% and the S&P 500 gained 0.94%. The Nasdaq Composite added 0.5%.
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