3 ZEEL
Market Action – Tuesday, April 9th 2024**
# Wall Street finished essentially flat in Monday’s trade, as caution prevailed after Treasury bond yields jumped to the highest levels in more than four months.
Gift Nifty in early action is above dotted lines as the street braces for a challenging week that includes key inflation from the US and the start of the 4th quarter corporate India’s earnings season.
GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (+92, 22841)
# Dow Future (+14, 38918)
# Nikkei (+175, 39521)
# Hang Seng (+86, 16819)
# Dow Jones (-11, 38893)
# Nasdaq (+5, 16254)
# Bovespa (+2062, 128857).
WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
# The trading theme also revolved around last week`s blowout jobs data, as well as upcoming inflation data and scheduled commentary from Fed policymakers.
The yield on the benchmark 10-year Treasury note spiked to a 2024 high as markets adjusted to the possibility that rates would remain higher for longer.
As of April 8, futures traders assigned a 51% probability to the first quarter-point rate cut coming in June, down from 57% a week, ago, according to CME Group`s FedWath Tool.
# As for the main US indexes, Dow Jones Industrial Average finished the day down 0.03% at 38,892, the S&P 500 was 0.4% lower at 5,202, and the Nasdaq Composite was up 0.3% to 16,253.
# On company news, Tesla jumped 4.9% after Elon Musk announced the EV-maker will unveil its new robotaxi in August.
# COMEX Gold was seen trading firm at $2,342.