Global markets: US GDP, SGX Nifty, other factors that will drive market today
1 min read . Updated: 24 Feb 2023, 08:21 AM IST
Premium- SGX Nifty traded nearly 20 points higher in the morning from Nifty Futures Thursday close, indicating an opening with minor gains for the Indian market
Global market today: Equities in the world markets were lower but the crude oil prices rebounded on Thursday even as US macroeconomic data improved. Back home, SGX Nifty traded nearly 20 points higher in the morning from Nifty Futures Thursday close, indicating an opening with minor gains for the Indian market.
Here we list out top factors that may dictate stock market today:
US Q4 GDP, other macro data
The fourth-quarter gross domestic product growth estimate in US were trimmed to a 2.7% annualized rate from the previously reported 2.9% pace.
A US Labor Department report on Thursday showed that the new claims for unemployment benefits unexpectedly fell last week, pointing to a persistently tight labor market.
The readings for the fourth-quarter personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure, was revised upward to 3.7%, indicating that inflation was much stronger than initially thought and helping to drive bearish sentiments among traders, reported Reuters.
US Markets
On Wall Street, the indices started the day higher buoyed by better-than-expected numbers by Nvidia Corp. But the economic data dampened the sentiment and Nasdaq erased earlier gains.
The Dow Jones Industrial Average fell 0.68% to 32,821.76, the S&P 500 lost 0.46% to 3,972.81 and the Nasdaq Composite dropped 0.53% to 11,445.78.
Asian Markets
Asian markets were mixed Friday, with traders still occupied by long-running interest rate worries, though Tokyo rallied after the man tipped as Japan's next central bank head made the case for keeping its ultra-loose policy, reported Reuters.
SGX Nifty
SGX Nifty traded nearly 20 points higher in the morning from Nifty Futures Thursday close, indicating an opening with minor gains for the Indian market. At the time of writing this copy, the index was higher by 53.5 points, or 0.3%.
“A bounce is likely however it is just a counter trend rally and the bounce is likely to face resistance around the 17665 – 17740 where resistance in the form of the key hourly moving averages are placed. Overall, the trend continues to be negative, and, on the downside, we expect the Nifty to target levels of 17300 from short-term perspective," said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Rebound in Crude oil prices
Oil prices jumped over 1% before paring some gains, with Russian supply curbs partially offsetting an expected rise in the US inventories.
Brent crude futures rose 1.53%, to $82.83 a barrel, while West Texas Intermediate crude futures (WTI) advanced 1.49% to $75.05 after six sessions of losses.