Before Market Opens: 9 essential things to know at 9 am on May 2, 2024

U.S. stocks closed mixed connected Wednesday aft the Federal Reserve near its cardinal involvement complaint unchanged, arsenic expected, and indicated that portion its adjacent determination volition apt beryllium a complaint cut, continued advancement connected ostentation is not assured. The S&P 500 and the Nasdaq ended little portion the Dow Jones Industrial Average notched a humble gain. The Dow Jones Industrial Average roseate 87.37 points, oregon 0.23%, to 37,903.29, the S&P 500 mislaid 17.3 points, oregon 0.34%, to 5,018.39 and the Nasdaq Composite dropped 52.34 points, oregon 0.33%, to 15,605.48.

The US Federal Reserve announced its 3rd involvement complaint determination for 2024 connected May 1, aft a two-day Federal Open Market Committee (FOMC) meeting, wherever it unanimously voted to permission the cardinal benchmark involvement rates unchanged astatine 5.25 percent - 5.50 percent for the sixth consecutive meeting, which was broadly successful enactment with Wall Street estimates and marketplace analysts. US Fed has present indicated of holding rates precocious until ostentation cools and moves consistently to the people range. Fed policymakers besides somewhat raised the US halfway ostentation and US GDP maturation forecasts for 2024 successful the erstwhile argumentation gathering held successful March 2024.

Asian stocks got disconnected to a shaky commencement connected Thursday aft the Federal Reserve flagged delays to involvement complaint cuts, portion the dollar fell heavy connected the yen successful what traders reckoned was Japanese intervention. Japan's Nikkei fell 0.7% astatine the unfastened and South Korean shares mislaid 0.5%. Australian shares were flat. S&P 500 futures roseate 0.4% aft the currency scale had closed 0.3% little overnight. Much of Asia is returning from a vacation that had closed markets connected Wednesday, though Chinese bond, currency and banal markets stay unopen done the remainder of the week.

On Tuesday, the Indian banal marketplace benchmark indices gave up day’s gains to extremity successful the antagonistic territory owed to fag-end selloff. The Sensex declined 188.50 points, oregon 0.25%, to adjacent astatine 74,482.78, portion the Nifty 50 settled 38.55 points, oregon 0.17%, little astatine 22,604.85. The Indian banal marketplace was closed connected Wednesday, May 1 connected relationship of Maharashtra Day.

At 8:15 am, Gift Nifty was trading 64 points oregon 0.28 percent higher astatine 22,746, indicating a affirmative opening for the Indian markets.

Oil prices roseate connected Thursday connected the imaginable the U.S. whitethorn commencement buying crude for its petroleum reserve, aft prices sank to a seven-week debased connected hopes for an Israel-Gaza ceasefire, doubts astir U.S. involvement complaint cuts and swelling lipid inventories. Snapping 3 days of losses, Brent crude futures for July gained 21 cents, oregon 0.3%, to $83.65 a tube by 0026 GMT. U.S. West Texas Intermediate (WTI) crude for June climbed 22 cents, oregon 0.3%, to $79.22 a barrel. Both benchmarks fell much than 3% connected Wednesday to a seven-week low.

Gold prices edged higher connected Thursday aft the U.S. Federal Reserve kept its cardinal involvement complaint steady, arsenic expected, and indicated that it is inactive leaning toward eventual complaint cuts. Spot golden was up 0.3% astatine $2,323.66 per ounce, arsenic of 0037 GMT, aft climbing much than 1% successful the erstwhile session. U.S. golden futures roseate 1% to $2,333.30 per ounce.

Foreign organization investors (FIIs) nett bought ₹1,071.93 crore shares, portion home organization investors (DIIs) pumped successful ₹1,429.11 crore connected April 30, provisional information from the NSE showed.

The Indian rupee connected Thursday volition beryllium helped by a driblet successful the dollar aft Federal Reserve Chair Jerome Powell said that a complaint hike was unlikely. Non-deliverable forwards bespeak the rupee volition unfastened mostly unchanged to the U.S. dollar from 83.4250 successful the erstwhile session. 

"The Fed was not dovish and astatine the aforesaid clip it was not hawkish to the grade it was feared. You tin spot that from however the dollar and U.S. yields came disconnected station Powell," a forex trader astatine a slope said.

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Published: 02 May 2024, 08:38 AM IST