9 ZEEL
Market Action – Monday, April 15th 2024
# Gift Nifty in early action is receiving fresh drubbing as bears aim to take over the negative baton from a weak finish at Wall Street in Friday’s session.
Investors will brace for volatility as the trading theme is preoccupied with geopolitical concerns, especially on whether Iran`s unprecedented weekend attack on Israel will prompt retaliatory actions.
The consensus suggests a rise in oil prices; a flight to US Treasuries, gold and the dollar; and net-net, a further decline in the stock markets across the globe.
GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (-131, 22455)
# Dow Future (+47, 38032)
# Nikkei (-639, 38880)
# Hang Seng (-234, 16487)
# Dow Jones (-476, 37983)
# Nasdaq (-267, 16175)
# Bovespa (-1450, 125946).
WHAT EXACTLY HAPPENED AT WALL STREET IN FRIDAY’S TRADE:
# In Friday’s trade at Wall Street, U.S. stocks fell sharply as the Dow Jones slid 1.2% to 37,983, the S&P 500 fell 1.5% to 5,123, and the Nasdaq Composite plunged 1.6% to 16,175. All three closed lower for the week.
# Front and center were JPMorgan Chase stock price which disclosed Q1 earnings of $4.44 per share on $42.6 billion in revenue, both figures higher than analysts were expecting.
However, its stock price plunged 6.5%, losing $36 billion in market value along the way, on a disappointing forecast.
# COMEX Gold was seen trading firm at $2,357.
# WTI Oil was seen trading firm at $85.69, up 0.04%.
Interestingly, WTI Oil prices held steady around $85.5 per barrel on Monday as Israel successfully defended itself against a large-scale air assault by Iran over the weekend and the US clarified it wants to avoid a wider war in the Middle East.
Investors are now preparing for the Israeli government’s response to the attack, as a full-blown war with Iran could disrupt oil supplies further.
Meanwhile, US President Joe Biden told Prime Minister Benjamin Netanyahu the US will not participate in offensive operations against Iran despite its ironclad commitment to Israel’s security.