7 ZEEL
Morning Action – Monday, March 11th 2024
In Friday’s trade, Wall Street was initially higher after the release of the February’s jobs report but later swung lower as Nvidia slumped.
The NFP showed the U.S. added 275,000 new jobs in February, blowing past economists` expectations for 200,000 jobs. Still, job gains for both December and January were revised lower and the unemployment rate rose to 3.9% from 3.7%.
Gift Nifty edges lower on Monday indicating that bulls will have tough time and plenty to fight.
GLOBAL UPDATE:
GIFT Nifty (-52, 22653)
Dow Future (-18, 38705)
Nikkei (-709, 38980)
Hang Seng (+63, 16416)
Dow Jones (-69, 38723)
Nasdaq (-188, 16085)
Bovespa (-1269, 127071).
WHAT EXACTLY HAPPENED AT WALL STREET IN FRIDAY’S TRADE:
# In Friday’s trade at Wall Street, US stocks opened higher as investors mulled over the February jobs report. However, the main indexes swung lower mid-morning and stayed there through the close as several heavy hitters in the tech sector sold off.