Factors Driving Nifty’s Opening Ahead of US Jobs Data: Market Cues

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Factors Driving Nifty’s Opening Ahead of US Jobs Data: Market Cues
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.06% or 10 points higher at 8:40 am on Friday, indicating a flat opening on Dalal Street.

Further, the Dow Jones Futures dropped 0.14% and Nasdaq 100 Futures remained muted.

Major indices on Wall Street ended moderately higher, led by a late rally that helped the market erase some losses on Thursday and snap a four-session losing run, while investors awaited the monthly nonfarm payrolls report due on Friday to get a clearer picture of the labour market, indicating the Fed’s stance on raising interest rates aggressively. 

Nasdaq Composite dropped 0.26%, Dow Jones surged 0.46% and S&P 500 gained 0.3%. 

Stocks across Asian markets traded mixed on Friday ahead of a key US jobs report later in the day, while commodities declined in the overnight session amid fresh Covid-19 lockdowns in China.

At 8:30 am, South Korea’s KOSPI climbed 0.11%, Japan’s Nikkei 225 slipped 0.21%, China’s Shanghai Composite gained 0.18%, Hong Kong’s Hang Seng declined 0.74% and Australia's ASX 200 traded flat.

The US dollar on Friday approached its third weekly gain and neared its peak in decades on the euro and yen. Investors did not appear too eager to sell holdings ahead of the US labour data.

Oil surged on chances that OPEC+ may discuss output cuts at a meeting on Sept 5. Brent crude jumped 1.73% to $93.96/barrel and WTI Futures rallied 1.86% to $88.2/barrel. Natural gas Futures gained 0.4%.

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