Dow Futures, SGX Nifty Dip: D-Street’s Opening Cues on Monday
By Malvika Gurung
Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.12% or 22 points lower at 8:24 am on Monday, indicating a flat-to-lower opening on Dalal Street.
Further, the Dow Jones Futures declined 0.23% and Nasdaq 100 Futures fell 0.4%.
Major indices on Wall Street declined on Friday, following an unexpected surge in the US jobs data in January, with the unemployment rate hitting an over 53-1/2-year low of 3.4%, raising renewed concerns about the Fed’s aggressive interest rate hike to tame the high inflation.
The nonfarm payrolls soared to 517,000 jobs in January, compared to an expectation of 185,000.
Nasdaq Composite plunged 1.6%, Dow Jones declined 0.38% and S&P 500 tanked 1.04%.
Asian markets traded mixed on Monday, following strong economic data from the US and a lesser risk of recession, while prospects of rate hikes to continue ahead remained.
At 8:22 am, Japan’s Nikkei 225 surged 1.06%, South Korea’s KOSPI 50 rallied 3.08%, China’s Shanghai Composite declined 0.85%, Hong Kong’s Hang Seng tumbled 2.27% and Australia's ASX 200 dipped 0.2%.
Oil prices climbed on Monday tracking optimistic comments on a recovery in Chinese demand from the International Energy Agency (IEA), although markets were still nursing steep weekly losses on fears of tighter US monetary policy.
Brent crude climbed 0.21% at $80.11/barrel and WTI Futures gained to $73.5/barrel. Natural Gas Futures jumped 2.73%.
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