• Market Savera - 12/07/2024

  • Jul 12 2024
  • Length: 2 mins
  • Podcast

Market Savera - 12/07/2024 By cover art

Market Savera - 12/07/2024

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  • Summary

  • The Nasdaq ended sharply lower on Thursday, hit by losses in Nvidia, Apple and Tesla as investors went for smaller companies after softer-than-expected inflation data raised bets the Federal Reserve will cut interest rates in September. Stocks finished trading Thursday with the Dow Jones Industrial Average clinging to a small gain while the S&P 500 dropped and the Nasdaq plummeted. The US consumer price index fell 0.1 percent in June from May, against the Dow Jones estimates of a 0.1 percent increase. Further, the annual inflation in June was also reported at 3 percent against the street estimate of 3.1 percent. The monthly inflation rate dipped in June for the first time in more than four years, providing further support for the Federal Reserve to start lowering interest rates later this year. Optimism over lower rates sparked a shift into riskier parts of the market — as money shifted out of the long-favored safety trade of big tech. The Russell 2000 of smaller firms beat the Nasdaq 100 by 5.8 percentage points — the most since November 2020. In Treasuries, after the inflation data U.S. two-year to 10-year yields slid to their lowest since mid-March.The yield on benchmark U.S. 10-year notes fell 7.4 basis points to 4.206%, from 4.28% late on Wednesday. TCS on Thursday while releasing its Q1 results reaffirmed its commitment to achieving a margin above 26%, despite experiencing its first contraction in four quarters during the April-June period, coinciding with a company-wide salary increase. Asian stocks on Friday hailed the growing bets for a September rate cut from the US Fed. However Asian technology stocks fell Friday, echoing declines on Wall Street as slowing US inflation sparked a rotation out of Big Tech. Nifty ended almost unchanged after a volatile session on July 11. At close, Nifty was down 0.03% or 8.5 points at 24315.9. Nifty formed a hammer like pattern on July 11 but in a sideways manner compared to the previous session. This has little predictive value. Nifty could stay in the 24164-24400 band for the near term.
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