Pre-Open: New Week Likely to Begin Lower Ahead of Fed’s Meet & Weak Cues

  • Stock Market News
Pre-Open: New Week Likely to Begin Lower Ahead of Fed’s Meet & Weak Cues
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.26% or 42.6 points lower at 8:53 am on Monday, indicating a weak opening on Dalal Street. 

Further, the Dow Jones Futures lowered 0.17% and Nasdaq 100 Futures dipped 0.12%.

Major indices on Wall Street ended lower on Friday, led by grim earnings from Snap (NYSE: SNAP ), which posted its weakest-ever quarterly sales growth. This led ad-tech giants like Alphabet and Meta Platforms (NASDAQ: META ) to tumble too, cancelling out the gains made from the card major American Express (NYSE: AXP ) post its upbeat forecast.

Nasdaq Composite fell 1.87%, Dow Jones dropped 0.43% and S&P 500 dipped 0.93%, however, ending the week up to 3.3% higher. 

Markets anxiously await the Fed’s monetary policy meeting in the week, along with the US GDP data in Q2.

Stocks across Asian markets were mostly lower on Monday, following Wall Street’s cues from over the weekend and withdrawing from over three-week peaks amid concerns of global recession, as investors eye the two-day US FOMC meeting, starting Tuesday.

At 8:45 am, South Korea’s KOSPI climbed 0.46%, Japan’s Nikkei 225 declined 0.73%, Hong Kong’s Hang Seng index tripped 0.7%, China’s Shanghai Composite lowered 0.46, and Australia's ASX 200 traded flat.

Oil slipped on Monday in anticipation that an estimated aggressive hike in interest rates by the US at its policy meeting this week might limit fuel demand growth. Brent crude fell 1% to $97.4/barrel and WTI Futures traded at $93.8/barrel. Natural gas Futures surged 1.23%.

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