New Week Opening Cues: Blockbuster US Jobs Data Weighs on Wall St & Asian Markets

  • Stock Market News
New Week Opening Cues: Blockbuster US Jobs Data Weighs on Wall St & Asian Markets
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.15% or 27 points lower at 8:50 am on Monday, indicating a lower-to-muted opening on Dalal Street, following weak global cues. 

Further, the Dow Jones Futures and Nasdaq 100 Futures traded flat.

Major indices on Wall Street ended mostly lower on Friday after a blockbuster US jobs report was released for July, which raised concerns that the US Fed could undertake aggressive interest rate hikes to tame the red-hot inflation. This pulled down tech heavyweights like Tesla, among others.

The US employment report for July came in better than expected, marking the 19th consecutive month of payroll expansion, the unemployment rate tumbling to a pre-pandemic low of 3.5%.

This cleared any doubts of the US economy being in recession but instilled fears of an aggressive rate hike by the Fed.

Nasdaq Composite declined 0.5%, Dow Jones gained 0.23% and S&P 500 lowered 0.16%.

Stocks across Asian markets were mostly lower on Monday, mirroring Wall Street’s correction and as the dollar extended its best rally against the yen since mid-June, thanks to higher Treasury yields on optimistic US jobs data.

At 8:45 am, South Korea’s KOSPI dropped 0.2%, Japan’s Nikkei 225 gained 0.23%, Hong Kong’s Hang Seng index declined 0.9%, China’s Shanghai Composite and Australia's ASX 200 traded flat.

Brent crude was up 0.12% to $95.02/barrel and WTI Futures traded flat at the time of writing. Natural gas Futures fell 1.4%.

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