Street’s Opening As Nasdaq Plunges 5% & Asian Shares in The Red: Key Factors

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Street’s Opening As Nasdaq Plunges 5% & Asian Shares in The Red: Key Factors
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 1.82% or 295.2 points lower at 8:25 am on Thursday, tracking negative cues from global markets, and indicating a gap-down opening on Dalal Street.

At the same time, the Dow Jones Futures traded flat, while Nasdaq 100 Futures declined 0.27%.

Major indices on Wall Street ended sharply lower on Wednesday, led by retail stock Target’s market valuation slashing about 25% while growing concerns of rising inflation and an imminent aggressive monetary tightening by central banks globally kept investors in a fix. 

Indices S&P 500 and Dow Jones recorded their worst single-day loss since June 2020.

Target’s shares plummeted nearly 25%, paring an m-cap of about $25 billion, as ‘retailer became the latest victim of surging prices’, stated sources.

Nasdaq Composite tanked 4.73% and has fallen nearly 27% YTD, while S&P 500 plunged 4.04%, having crashed 18% YTD, and Dow Jones declined 3.57% on Wednesday.

Further, Britain’s annual inflation rate soared to a 40-year high in April 2022, led by skyrocketing energy costs, indicating that BoE would have to keep raising interest rates.

Stocks across Asian markets started lower on Thursday, following an overnight sell-off on Wall Street, as investors worried about inflationary pressures, China's ongoing COVID-19 lockdowns and the persisting Russia-Ukraine war, while the dollar held onto its strong gains.

At 8:22 am, South Korea’s KOSPI fell 1.59%, Japan’s Nikkei 225 plummeted 2.5%, China's Shanghai Composite declined 0.48%, Hong Kong’s Hang Seng index plunged 2.85%, and Australia's ASX 200 dived 1.44%.

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