Pre-Market Cues: Powell’s Comments on Taming Inflation, Asian Stocks & Oil

  • Stock Market News
Pre-Market Cues: Powell’s Comments on Taming Inflation, Asian Stocks & Oil
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.36% or 55.25 points higher at 8:40 am on Thursday, indicating a positive opening on Dalal Street.

Further, the Dow Jones Futures declined 0.18% and Nasdaq 100 Futures slipped 0.2%.

Major indices on Wall Street ended slightly lower in a choppy session on Wednesday, as the markets digested the Fed Chair Jerome Powell’s comments that the central bank will continue to bring down the 40-year high, and acknowledged that in doing so, the steep rate hikes could make recession seeping into the economy, a possibility. 

Investors tried to weigh risks to the economy and assessed how far the stocks could fall with the Fed hiking interest rates.

Nasdaq Composite and Dow Jones shed 0.15% each and S&P 500 lost 0.13%. 

Stocks across Asian markets traded mixed on Thursday, as investors assessed the monetary policy outlook post-Powell’s acknowledgement of risks of a global recession, while commodity prices slipped too.

At 8:35 am, South Korea’s KOSPI slipped 0.3%, Japan’s Nikkei 225 traded flat, Hong Kong’s Hang Seng index gained 0.64%, China’s Shanghai Composite climbed 0.42%, and Australia's ASX 200 gained 0.19%.

Crude oil prices extended their slide, falling in early trade on Thursday, amid worries that aggressive US rate hikes could lead to recession and impact fuel demand. 

Brent crude fell 2.65% to $108.78/barrel and WTI Futures plunged 3.02% at the time of writing. Natural gas futures slipped 0.95% to 6.76.

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