Global market today: Global trends will dictate the sentiment of Indian markets on Wednesday as Wall Street closed mixed on Tuesday, pressured by worries about US lawmakers opposed to a deal to raise the $31.4 trillion debt ceiling, but supported by another surge in Nvidia shares that briefly lifted the chipmaker into the rare club of companies valued at $1 trillion. SGX Nifty today opened lower and went further downside signaling weak stock market opening on Dalal Street.
US stock market
The S&P 500 fluctuated near 4,200. The Nasdaq 100 outperformed, with Nvidia Corp. hovering near $1 trillion in value after announcing several AI-related products. A gauge of mega-caps like Apple Inc. and Tesla Inc. climbed 2%.
The S&P 500 gained 0.15 points to finish flat at 4,205.6. The Dow Jones Industrial Average fell 50.49 points, or 0.15%, at 33,042.85. The Nasdaq composite rose 41.74 points, or 0.32% at 13,017.43.
US debt ceiling
A deal to raise the US debt ceiling passed its first major test in Congress Tuesday, surviving a crucial procedural vote amid a conservative backlash that resurrected the threat of the country’s first-ever default.
Lawmakers have until Monday next week to green-light an agreement between Republicans and Democrats to allow more borrowing and ensure the country doesn’t miss loan repayments.
Republican House Speaker Kevin McCarthy and Democratic President Joe Biden agreed on the 99-page “Fiscal Responsibility Act” at the weekend, agreeing to pare back federal spending and raise the debt ceiling until 2025.
It needs lawmakers’ support at a crucial vote Wednesday in the House of Representatives, but briefly looked like it might fall at a preliminary hurdle Tuesday, as the Rules Committee prepared it for a floor debate.
US dollar in focus
US dollar continue to remain in focus and was up in early morning trade. The Dollar Index is still trading above the crucial 101 levels but in early morning deals, it has went off 0.15 per cent to 104.125 mark.
Asian stock market today
In early morning session, Japanese Nikkei is down 0.75 per cent, Hong Kong’s Hang Seng is down 1.55 per cent higher whereas South Korean KOSPI up 0.24 per cent.
SGX Nifty today
SGX Nifty today opened at 18,673 and went on to hit intraday low of 18,661 levels. The index was down by 0.25 per cent to 18,683.5.
“Every dip should be seen as a buying opportunity as SGX Nifty support level is at 18500 / 18400 and the resistance level stands at 18800 / 18920,” said Anuj Gupta, Vice President — Research at IIFL Securities
Gold rate today
Gold price today have shown sideways movement as the precious metal has attracted bulls attentions and has added with 0.04 per cent in then morning trade and climbed to the 1957.26 per ounce levels after opening at 1956.97
Crude oil price
WTI crude oil price in morning session in Asian stock market is up 0.09 per cent at $69.53 per barrel while Brent crude oil price is up by 0.03 per cent and hit $73.65 per barrel price.
US bond yield
The benchmark US 10-year Treasury yield declined on Tuesday as a deal to raise the US debt ceiling and avoid potential default reassured investors. The yield on 10-year Treasury notes was down 12.8 basis points at 3.692%
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Updated: 31 May 2023, 07:49 AM IST