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Business News/ Photos / Before Market Opens: 9 essential things to know at 9 am on February 23, 2024

Before Market Opens: 9 essential things to know at 9 am on February 23, 2024

Before Market Opens: Indian markets are likely to open lower on Friday despite rise in Asian peers while US markets rallied overnight with S&P 500 ending at new high. Gift Nifty was trading 16 points lower, indicating a weak start for Nifty. Let's take a look at key cues before the opening today:

The S&P 500 and Dow Jones Industrial Average both surged to record closing highs on Thursday, powered by investors piling into growth and technology stocks the day after artificial intelligence poster child Nvidia's bumper earnings and outlook. For the S&P 500 benchmark, it was also the largest daily gain in 13 months. The Nasdaq Composite notched its biggest single-session advance in a year and just missed a record finish. Investors eagerly bought stocks as Nvidia shares jumped 16.4% after the chip designer forecast a roughly three-fold surge in first-quarter revenue on strong demand for its AI chips and beat expectations for fourth-quarter revenue. The S&P 500 ended at a record high, gaining 105.23 points, or 2.11%, to 5,087.03, as did the Dow Jones Industrials, which closed at 39,069.11 after rising 456.87 points, or 1.18%. It was the first time the Dow has ever finished above 39,000 points. The Nasdaq Composite added 460.75 points, or 2.96%, to 16,041.62.

1/9The S&P 500 and Dow Jones Industrial Average both surged to record closing highs on Thursday, powered by investors piling into growth and technology stocks the day after artificial intelligence poster child Nvidia's bumper earnings and outlook. For the S&P 500 benchmark, it was also the largest daily gain in 13 months. The Nasdaq Composite notched its biggest single-session advance in a year and just missed a record finish. Investors eagerly bought stocks as Nvidia shares jumped 16.4% after the chip designer forecast a roughly three-fold surge in first-quarter revenue on strong demand for its AI chips and beat expectations for fourth-quarter revenue. The S&P 500 ended at a record high, gaining 105.23 points, or 2.11%, to 5,087.03, as did the Dow Jones Industrials, which closed at 39,069.11 after rising 456.87 points, or 1.18%. It was the first time the Dow has ever finished above 39,000 points. The Nasdaq Composite added 460.75 points, or 2.96%, to 16,041.62.

Asian markets traded higher on Friday tracking overnight rally on Wall Street, with investors awaiting China’s property prices data. Japanese markets are closed for a public holiday. South Korea’s Kospi rose 0.4% and the Kosdaq gained 0.2%. Hong Kong’s Hang Seng index futures indicated a lower opening.

2/9Asian markets traded higher on Friday tracking overnight rally on Wall Street, with investors awaiting China’s property prices data. Japanese markets are closed for a public holiday. South Korea’s Kospi rose 0.4% and the Kosdaq gained 0.2%. Hong Kong’s Hang Seng index futures indicated a lower opening.

At 8:15 am, the GIFT Nifty was trading 16 points or 0.07 percent lower at 22,311, indicating a negative opening for the Indian markets. 

3/9At 8:15 am, the GIFT Nifty was trading 16 points or 0.07 percent lower at 22,311, indicating a negative opening for the Indian markets. 

On Thursday, the Indian stock market indices rebounded and ended sharply higher with the Nifty 50 hitting record high during the day.The Sensex climbed 535.15 points, or 0.74%, to close at 73,158.24, while the Nifty 50 settled at 22,217.45, up by 162.40 points, or 0.74%. (iStock)

4/9On Thursday, the Indian stock market indices rebounded and ended sharply higher with the Nifty 50 hitting record high during the day.The Sensex climbed 535.15 points, or 0.74%, to close at 73,158.24, while the Nifty 50 settled at 22,217.45, up by 162.40 points, or 0.74%. (iStock)

Oil prices fell on Friday after a U.S. Fed official said interest rate cuts should be delayed at least two more months. Brent crude futures were down 25 cents, or 0.3%, at $83.42 a barrel at 0212 GMT, while U.S. West Texas Intermediate crude futures were 25 cents, or 0.3%, lower at $78.36.  (REUTERS)

5/9Oil prices fell on Friday after a U.S. Fed official said interest rate cuts should be delayed at least two more months. Brent crude futures were down 25 cents, or 0.3%, at $83.42 a barrel at 0212 GMT, while U.S. West Texas Intermediate crude futures were 25 cents, or 0.3%, lower at $78.36.  (REUTERS)

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting minutes highlighted that the policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission. RBI Governor Shaktikanta Das said that the current setting of monetary policy is moving in the right direction, with growth holding firm and inflation trending down to the target. At this juncture, monetary policy must remain vigilant and not assume that our job on the inflation front is over. We must remain committed to successfully navigating the ‘last mile’ of disinflation which can be sticky, said Das.

6/9The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting minutes highlighted that the policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission. RBI Governor Shaktikanta Das said that the current setting of monetary policy is moving in the right direction, with growth holding firm and inflation trending down to the target. At this juncture, monetary policy must remain vigilant and not assume that our job on the inflation front is over. We must remain committed to successfully navigating the ‘last mile’ of disinflation which can be sticky, said Das.

US Federal Reserve Governor Christopher Waller said January’s jump in consumer prices warrants caution in deciding when to start cutting interest rates. However, he still expects reductions to begin later this year, Bloomberg reported. The strength of the economy and the recent data we have received on inflation mean it is appropriate to be patient, careful, methodical, deliberative – pick your favorite synonym. Whatever word you pick, they all translate to one idea: What’s the rush?, Waller said Thursday in a speech in Minneapolis. (Bloomberg<br />)

7/9US Federal Reserve Governor Christopher Waller said January’s jump in consumer prices warrants caution in deciding when to start cutting interest rates. However, he still expects reductions to begin later this year, Bloomberg reported. The strength of the economy and the recent data we have received on inflation mean it is appropriate to be patient, careful, methodical, deliberative – pick your favorite synonym. Whatever word you pick, they all translate to one idea: What’s the rush?, Waller said Thursday in a speech in Minneapolis. (Bloomberg
)

Foreign institutional investors (FIIs) net sold shares worth  <span class='webrupee'>₹</span>1,410.05 crore, while domestic institutional investors (DIIs) bought  <span class='webrupee'>₹</span>1,823.68 crore worth of stocks on February 22, provisional data from the NSE showed.

8/9Foreign institutional investors (FIIs) net sold shares worth 1,410.05 crore, while domestic institutional investors (DIIs) bought 1,823.68 crore worth of stocks on February 22, provisional data from the NSE showed.

Gold prices on Friday were set for their first weekly gain in two, supported by a softer dollar and safe-haven buying, as investors awaited further clues on when the U.S. Federal Reserve is likely to begin cutting its interest rates. Spot gold was up 0.1% at $2,026.5 per ounce, as of 0100 GMT, and has gained 0.7% for the week so far. U.S. gold futures edged 0.2% higher to $2,035.5 per ounce.

9/9Gold prices on Friday were set for their first weekly gain in two, supported by a softer dollar and safe-haven buying, as investors awaited further clues on when the U.S. Federal Reserve is likely to begin cutting its interest rates. Spot gold was up 0.1% at $2,026.5 per ounce, as of 0100 GMT, and has gained 0.7% for the week so far. U.S. gold futures edged 0.2% higher to $2,035.5 per ounce.

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