D-Street’s Opening Cues As Tesla Plummets 10% and Weak Asian Trade

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D-Street’s Opening Cues As Tesla Plummets 10% and Weak Asian Trade
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.03% or 5 points higher at 8:34 am on Friday, indicating a flat-to-positive opening on Dalal Street. 

Further, the Dow Jones Futures was flat and Nasdaq 100 Futures advanced 0.14%.

Major US indices declined on Thursday, driven by gloomy quarter earnings reports of market majors like Tesla (NASDAQ: TSLA ) and AT&T (NYSE: T ). 

The auto stock tanked 10% in the session on releasing its lowest quarterly gross margin in two years, while AT&T’s shares plummeted over 10% in the overnight session as the company’s revenue for Q1 and free cash flow did not meet the Street’s estimates.

Nasdaq Composite fell 0.8%, Dow Jones dropped 0.33%% and S&P 500 lost 0.6%.

Asian markets traded lower on Friday after tech stocks on Wall Street commanded losses in the overnight session, while Japan’s CPI inflation remained unchanged in March from the previous month, higher than Bank of Japan’s target range as government subsidies had a limited effect in bringing down price pressures.

Japan’s national CPI grew 3.3% in March, and core CPI grew 3.1% YoY.

At 8:35 am, South Korea’s KOSPI declined 0.75%, Japan’s Nikkei 225 traded flat, China’s Shanghai Composite retreated 0.55%, Hong Kong’s Hang Seng index slid 0.56% and Australia’s ASX 200 lost 0.4%.

Oil remained muted on Friday, after falling sharply this week as soft economic readings and fears of rising interest rates pushed up uncertainty over a recovery in demand this year, an Investing.com report noted.

Brent crude traded at $81.06/barrel and WTI Futures at $77.36 a barrel. Natural Gas Futures rose 0.6%.

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