Rashi PeripheralsMarket Action – Wednesday, February 14th 2024
Wall Street tumbles as stronger-than-expected US inflation data further dented sentiment around Federal Reserve interest rate cuts.
Gift Nifty slides tracking Wall Street lower indicating a negative start and most importantly, a volatile session for benchmark Nifty.
GLOBAL UPDATE:-
GIFT Nifty (-203, 21616)
Dow Future (-31, 38241)
Nikkei (-258, 37701)
Hang Seng (-231, 15515)
Dow Jones (-525, 38273)
Nasdaq (-287, 15656)
Bovespa (CLOSED, 128026).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# The key negative catalyst: *‘The US CPI inflation was up at 3.1% in January, compared to economists` expectations at 2.9%’.
# Overnight, the odds of a May rate cut have sank to 35.2% from 52.2% on Monday.
# The 2-year US Treasury yield jumped up to 4.592%. The 10-year yield surged to 4.273%, returning to late-November levels. The 30-year yield was up to 4.435%.
# WTI crude oil has spiked past $77.50 per barrel as tensions in the Middle East continued to lend support to oil prices.