9 Crucial Market Insights Before 9 AM on May 29, 2024: Key Updates on Bitcoin (BTC) and Ethereum (ETH)

  • Indian markets are set to open on a lower note on Wednesday following a rise in bond yields and a fall in Asian markets ahead of US GDP data due tomorrow.
  • The Nasdaq crossed 17,000 for the first time ever on Tuesday, boosted by gains in Nvidia, while the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose.
  • Investors awaited U.S. inflation data this week that could sway expectations for Fed rate cuts.

Get the latest insights on the Indian market’s opening trends, key global market movements, and investor sentiments in our comprehensive stock news article.

Indian Markets Set for a Lower Opening

Indian markets are poised to open on a lower note on Wednesday, influenced by a rise in bond yields and a decline in Asian markets. The Gift Nifty was trading 38 points lower, indicating a negative start for benchmark Nifty. This comes ahead of the US GDP data release tomorrow, which is expected to provide further direction to the markets.

Global Market Movements

The Nasdaq crossed the 17,000 mark for the first time ever on Tuesday, driven by gains in Nvidia. The S&P 500 closed marginally higher, while the Dow Jones Industrial Average ended lower as Treasury yields rose. The Dow fell 216.73 points, or 0.55%, to 38,852.86, the S&P 500 gained 1.32 points, or 0.02%, to 5,306.04, and the Nasdaq Composite gained 99.09 points, or 0.59%, to 17,019.88. Investors are eagerly awaiting U.S. inflation data this week, which could influence expectations for Federal Reserve rate cuts.

Impact of Rising Bond Yields

U.S. Treasury yields reached a near four-week peak on Wednesday, impacting their Asia-Pacific counterparts and the dollar while putting pressure on equities. Benchmark U.S. 10-year yields rose to 4.556% during Tokyo trading hours, a level not seen since May 3. This followed poorly received two- and five-year Treasury auctions overnight. Equivalent Japanese yields hit the highest since December 2011 at 1.065%, while Australian yields jumped to a more than three-week high at 4.42%.

Asian Market Performance

Regional stock markets were mostly lower on Wednesday, with the notable exception of mainland China. Japan’s Nikkei slipped 0.4%, Australia’s benchmark dropped more than 1%, while Hong Kong’s Hang Seng tumbled 1.2%. However, mainland blue chips gained 0.3%. MSCI’s broadest index of Asia-Pacific shares dropped 0.8%. U.S. S&P 500 futures pointed 0.2% lower following a flat finish on Tuesday for the cash index.

Indian Market Recap

On Tuesday, the Indian stock market benchmark equity indices ended lower, extending the losing streak for the third consecutive session. The Sensex declined 220.05 points, or 0.29%, to close at 75,170.45, while the Nifty 50 settled 44.30 points, or 0.19%, lower at 22,888.15.

GIFT Nifty Indications

At 8:15 am, Gift Nifty was trading 38 points or 0.17 percent lower at 22,826, indicating a negative opening for the Indian markets.

Commodity Market Trends

Oil prices rose on Wednesday on expectations that major producers will maintain production cuts at a meeting this Sunday. Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel. U.S. West Texas Intermediate futures for July climbed 35 cents, or 0.4%, to $80.18.

Gold Prices Movement

Gold prices eased on Wednesday as traders pared bets on rate cuts by the U.S. Federal Reserve this year following remarks by some policymakers. Spot gold was down 0.1% at $2,357.70 per ounce, while U.S. gold futures were up 0.1% at $2,358.30.

Currency Market Update

The Indian rupee is expected to decline at open on Wednesday, tracking the broad decline in Asian peers amid a rise in U.S. Treasury yields. Non-deliverable forwards indicate the rupee will open at 83.20 to the U.S. dollar compared with 83.1775 in the previous session. On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the US dollar amid a negative trend in domestic equities and some dollar demand from importers.

Foreign Institutional Investors (FII) Activity

Foreign institutional investors remained net buyers on May 28 as they bought Indian equities worth ₹65.57 crore, while domestic institutional investors continued their buying spree, purchasing equities worth ₹3,231.67 crore on the same day.

Conclusion

As Indian markets brace for a lower opening, influenced by global cues and rising bond yields, investors should keep a close watch on upcoming U.S. GDP and inflation data. These indicators will play a crucial role in shaping market expectations and movements in the coming days. Stay tuned for more updates and detailed analysis.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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