6 Big Market overnightchanges THat You Should Know
Indian stock market: The domestic equity market is expected to open on a cautious note on Wednesday following mixed global market cues.
Asia markets dipped following Wall Street's decline. Japan's Nikkei 225 and Topix edged up, while South Korea's Kospi dipped and Kosdaq fell. Hong Kong's Hang Seng futures hinted at a weak start.
1. ASIAN MARKET
Gift Nifty was trading around 21,579 level as compared to Nifty futures’ previous close of 21,629, indicating a negative start for the Indian benchmark indices.
2. GIFT NIFTY
US stocks closed lower on Tuesday, driven by energy stocks and a modest rise in Treasury yields. Investor attention is on the timing and scale of 2024 interest rate cuts by the Federal Reserve amid approaching inflation data. Dow Jones fell 0.42%, S&P 500 slipped 0.15%, Nasdaq edged up 0.09%. Boeing shares dropped 1.41%, while Juniper Networks surged 21.81% .
3.US STOCK MARKET
The US trade deficit narrowed in November as imports of consumer goods fell to a one-year low. The trade deficit contracted 2.0% to $63.2 billion, the Commerce Department's Census Bureau said. Economists polled by Reuters had forecast the trade deficit would rise to $65.0 billion in November.Imports declined 1.9%, or $6.1 billion, to $316.9 billion. Exports decreased 1.9%, or $4.8 billion, to $253.7 billion.
4. US TRADE DEFICIT
5. OIL PRICES
Crude oil prices steadied after rising more than 2% in the previous session on signs US stockpiles continued to contract. Brent crude oil rose 0.14% to $77.70 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.15% to $72.35.
6. Goldman Sachs ups Nifty target
Goldman Sachs has revised its year-end 2024 target for the benchmark Nifty 50, increasing it to 23,500 from 21,800, in less than two months. This adjustment reflects an enhanced outlook for both economic growth and interest rate trends.