US Stocks: Futures rise after two-day selloff on Wall Street U.S. stock index futures rose on Friday after a selloff in the previous session driven by hawkish comments from a Federal Reserve official that stoked fears of more aggressive rate interest hikes from the central bank. St. Louis Fed President James Bullard said on Thursday the U.S. central bank needs to keep raising interest rates given that its tightening so far “had only limited effects on observed inflation”. All the three major U.S. indexes posted losses for the second straight session on Thursday and are eyeing weekly declines after notching solid gains last week. Also Read: Global equity funds attracts inflows as US inflation concerns ease “We spent most of the day recovering from comments from the Fed about the direction of interest rates,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Markets are getting a little bit more comfortable with the fact that (a Fed pivot) is not likely.” The Fed is expected to downshift to a 50-basis point rate hike in December, but economists polled by Reuters say a longer period of U.S. central bank tightening and a higher policy rate peak are the greatest risks to current outlook. The retreat in stocks after Bullard’s comments “shows how sensitive markets can be when it comes to the eventual destination of the terminal rate,” said Michael Hewson, chief market analyst at CMC Markets. At 7:07 a.m. ET, Dow e-minis were up 197 points, or 0.59%, S&P 500 e-minis were up 31.25 points, or 0.79%, and Nasdaq 100 e-minis were up 116.25 points, or 0.99%. Gap Inc gained 8.6% in premarket trade after the retailer surpassed quarterly sales and profit estimates, helped by steady demand despite a surge in inflation. U.S.-listed shares of JD.com Inc gained 5.3% after the e-commerce firm posted better-than-expected third-quarter revenue, as COVID-19 lockdowns in China led more consumers to shop online.
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Also Read: Zerodha’s Nikhil Kamath tells when to buy stocks, shares Buffett formula to find the right time
FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.
Also Read: Zerodha’s Nikhil Kamath tells when to buy stocks, shares Buffett formula to find the right time
FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.
Through the funds raised as a part of the fresh issue of equity shares, Paradeep Phosphates plans to part-finance the acquisition of the Goa Facility and repayment/prepayment of certain of the borrowings.