Market is expected to open on a gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
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Market Review
US:
The S&P 500 and the Dow boasted record closing highs on Thursday after a Fed Reserve policy update that was less hawkish than expected while the tech-heavy Nasdaq underperformed as Oracle's financial update made investors wary of artificial intelligence bets.
Asia:
Asian stocks advanced in early trade on Friday following strength on Wall Street overnight, though a fresh decline in Oracle's share price sent jitters through the tech sector.
India:
Market snapped three-day losing streak with Nifty closing at 25,900 amid positive global cues led by US Fedl Reserve's 25- basis-point interest rate cut. Market is expected to open on a gap up note and likely to witness positive move during the day.
Global economy:
In the Fed Reserve’s battle between fighting inflation and unemployment, the latter side carried the day Wednesday and could also have an edge heading into 2026. At his Wednesday news conference, Chair Jerome Powell mentioned several times that there likely has been negative job growth in recent months, a condition that would argue for easier monetary policy.
The yield on the 10-year Treasury dipped on Thursday as investors digested the Fed Reserve’s latest rate cut and weighed the state of the U.S. economy. The benchmark 10-year Treasury yield fell more than 1 basis point to 4.147%, while the 2-year Treasury yield declined more than 3 basis points to 3.528%.
Switzerland’s central bank published its latest monetary policy decision on Thursday and left rates unchanged at 0% citing inflation coming in slightly lower than expected. Global economic growth was stronger than expected in the third quarter, the Swiss National Bank said, nothing that “US tariffs and trade policy uncertainty weighed on the global economy, economic development in many countries has thus far remained more resilient than had been assumed.”
Commodities:
Oil prices saw an increase on Friday due to worries about more Venezuelan oil tankers being intercepted. Gold prices consolidated at elevated levels as traders digested a mostly dovish outlook from the Fed Reserve, while silver prices traded at fresh record levels.
Currency:
The U.S. dollar headed for its third straight weekly drop on Friday, hurt by the prospect of rate cuts next year after the Fed Reserve pushed back against hawkish market bets, lifting the euro and sterling to their highest since Oct.
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