Dow Futures, SGX Nifty Tick Lower: Street’s Opening Ahead of Powell’s Speech

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Dow Futures, SGX Nifty Tick Lower: Street’s Opening Ahead of Powell’s Speech

By Malvika Gurung

Investing.com — The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50, slipped 0.2% or 37 points higher at 8:42 am on Tuesday, indicating a negative-to-flat opening on Dalal Street.

Further, the Dow Jones Futures declined 0.24% and Nasdaq 100 Futures slid 0.37%. 

Major indices on Wall Street ended mixed as S&P 500 gave away early gains as inflation worries offset the likelihood of less aggressive rate hikes in the US. Investors await Fed Chair Jeremy Powell’s comments on Tuesday. 

“The CPI report this week is going to be essential for fine-tuning the Fed funds futures market,” said Quincy Krosby of LPL Financial.

Nasdaq Composite rose 0.63%, S&P 500 lowered 0.08% and Dow Jones declined 0.34%. 

Asian markets traded on a mixed note on Tuesday, tracking mixed cues for Wall Street’s overnight session as analysts expect Powell to say more time is needed to show inflation is under control.

At 8:40 am, South Korea’s Kospi gained 0.21%, Japan’s Nikkei rose 0.87%, Hong Kong’s Hang Seng declined 0.6%, China’s Shanghai Composite slipped 0.18% and Australia’s ASX 200 contracted 0.27%.

Oil prices declined on Tuesday in anticipation of Powell’s speech, while markets also sought more clarity on the restocking of the U.S. Strategic Petroleum Reserve this year.

Brent crude Futures declined 0.44% to $79.3/barrel and WTI Futures lowered to $74.36/barrel at the time of writing. Natural Gas Futures declined 1.64%.