Sensex Today Live: Stock Market Highlights: Bears having upper hand ahead of monthly expiry. What traders should do next week
07:37 PM
Fed Chairman at Jackson Hole
Powell prepared to raise rates further if appropriate
07:32 PM
US yields rise ahead of Powell’s speech at Fed’s Jackson Hole summit
Treasury yields edged higher early Friday as the market awaits a highly anticipated speech by Federal Reserve Chair Jerome Powell at its Jackson Hole, Wyoming, symposium that’s likely to retain a hawkish outlook on interest rates. Powell is scheduled to speak at 10:05 a.m. EDT (1405 GMT) at a conference that will address how the world economy is changing following the COVID-19 pandemic, the global breakout of inflation and other events.
07:12 PM
US stocks open higher as investors await Powell’s speech
The Dow Jones Industrial Average rose 117.64 points, or 0.34%, at the open to 34,217.06.
The S&P 500 opened higher by 13.07 points, or 0.30%, at 4,389.38, while the Nasdaq Composite gained 50.40 points, or 0.37%, to 13,514.37 at the opening bell.
06:42 PM
Biden administration unveils new crypto tax reporting rules
The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes.
A proposed new tax reporting form called Form 1099-DA is meant to help taxpayers determine if they owe taxes, and would help crypto users avoid having to make complicated calculations to determine their gains, the Treasury Department said.
06:40 PM
Gold heads for best week in six ahead of key speech by Fed’s Powell
Spot gold edged down 0.1% to $1,915.40 per ounce by 0958 GMT, having risen about 1.4% so far this week. U.S. gold futures shed 0.2% to $1,943.50.
Benchmark 10-year Treasury yields evaporated all weekly gains, supporting non-yielding gold, although U.S. dollar heading for its six straight weekly rise kept gains in check.
06:35 PM
Fed Chair Powell could signal the likelihood of high rates for longer in closely watched speech
When Federal Reserve Chair Jerome Powell delivers a high-profile speech Friday in Jackson Hole, Wyoming, many analysts think he could make one thing clear: That the Fed plans to keep its benchmark interest rate at a peak level for longer than had been expected.
Powell isn’t likely to say whether the Fed will continue raising rates. But he may signal that any rate cuts are unlikely until well into next year. The central bank has already helped drive inflation down from painfully high levels. But Fed officials have said they need to keep rates high to further slow borrowing and spending and reduce inflation to their 2% target.
06:26 PM
India’s forex reserves drop $7.27 billion to $594.88 billion
The country’s forex kitty had reached an all-time high of $645 billion in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.
For the week ended August 18, the foreign currency assets, a major component of the reserves, decreased by $6.613 billion to $527.786 billion, according to the Weekly Statistical Supplement released by the RBI.
06:15 PM
Swiggy restarts IPO plans, aims for 2024 listing
Swiggy, which delivers food from restaurants and also groceries, was valued at $10.7 billion in its last fundraising in 2022 but like many Indian startups put its IPO plans on hold amid a funding crunch and investor concerns about stretched valuations.
But as global and Indian markets have rebounded Swiggy has restarted its IPO planning by inviting eight investment banks to make pitches in early September to work on the IPO, including Morgan Stanley, JP Morgan and Bank of America, two of the sources said.
05:45 PM
Tech View: Bears having upper hand ahead of monthly expiry. What traders should do next week
The weekly, daily, and hourly momentum indicators have a negative crossover which is a sell signal.
05:28 PM
Sebi comes out with guidelines for exchanges’ MDs, CEOs to boost cyber security
Markets regulator Sebi on Friday came out with fresh guidelines for managing directors or chief executive officers of stock exchanges and other market infrastructure institutions to boost cyber security and cyber resilience. The new framework will come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular.
Market infrastructure institutions (MIIs)– stock exchanges, clearing corporations and depositories — are required to conduct a comprehensive cyber audit at least two times in a financial year.
Benchmark Indices opened weak in line with global cues ahead of the FED meet and Powell’s speech today. Back Home all sectoral indices ended in the red with even the Midcap Index down over a percentage. D-Street Bulls preferred to wait until Monday for the big AGM which probably could be of interest to investors.
– S Ranganathan, Head of Research at LKP securitie
Gold prices steadied near two-week highs and was headed for their best week in six ahead of mixed economic data from the US and as market participants await comments from Governors of major central banks including Fed Governor Powell that could guide on future interest rates. US 10Y Yield after dropping by more than 2% in the earlier session is inching higher once again; Dollar index also continues inch higher hovering around 10 week high above 104 mark. Earlier this week, Manufacturing and Services PMI data from major economies were reported well below estimates, supporting an up-move in bullions. However, the number of Americans filing new claims for unemployment benefits fell for a second straight week, US Core Durables goods orders data was also reported better than expectations. Two Fed officials tentatively welcomed a jump in bond market yields as something that could complement the central bank’s work to slow the economy and get inflation back to the 2% target, while also noting they see a good chance that no more interest rate increases will be needed. Ahead of the important Jackson hole symposium, probability chart from CME Fed-Watch tool also witnessed a drop in probability for a pause in September meeting by 5% to 80%. Focus today will also be on the Michigan consumer sentiment data scheduled later in the day. Broader trend on COMEX could be in the range of $1890- 1945 and on domestic front prices could hover in the range of Rs 58,400 – 59,100 could be expected.
– Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services
02:57 PM
Oil gains 1% as investors await Fed news from Jackson Hole
Brent crude rose 97 cents, or about 1.2%, to $84.33 a barrel by 0852 GMT. U.S. West Texas Intermediate crude was up 93 cents, also roughly 1.2%, at $79.98.
Both benchmarks rose by more than $1 earlier in the session.
Investor caution ahead of Fed Chair Jerome Powell’s remarks at the Jackson Hole Symposium lifted the safe-haven dollar to a 10-week high with its biggest rise in a month as markets waited for word on how long interest rates would remain elevated.
01:35 PM
Crypto Price Today: Bitcoin holds $26,000 ahead of US Fed Chair speech at Jackson Hole; Solana, Polygon shed up to 5%
The global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 1.43% in the last 24 hours. Bitcoin (BTC) fell 1.76% to $26,002, whereas its largest peer, Ethereum, declined nearly 2% to below the $ 1,650 level.
Other top crypto tokens, BNB (2%), XRP (2.8%), Cardano (3.1%), Dogecoin (2.7%), Solana (5.5%), Polygon (3.5%), and Shiba Inu (3.2%) were also trading lower on Friday.
01:16 PM
European shares fall as attention turns to Jackson Hole
By 0711 GMT, the pan-European STOXX 600 fell 0.1%, though it looked set for its first weekly gain in four.
01:01 PM
European stocks flat at open
European stocks were largely flat on Friday shortly after trading began, ahead of a keenly awaited speech by Federal Reserve boss Jerome Powell later in the day. London’s benchmark FTSE 100 index was up 0.2 percent at 7,349.04 points in early trading. In the eurozone, the Paris CAC 40 was 0.03 percent lower at 7,212.41 points, while the DAX in Frankfurt fell 0.1 percent at 15,609.34 points.
12:44 PM
Japan’s Nikkei falls 2% as Advantest, Tokyo Electron slump
The Nikkei fell 2.05% to end at 31,624.28 in its biggest daily drop in more than three weeks, but posted a 0.55% weekly gain.
The broader Topix fell 0.88% to 2,266.40 and lost 1.3% for the week.
10:21 AM
Fed Chair Powell could signal the likelihood of high rates for longer in closely watched speech
Powell isn’t likely to say whether the Fed will continue raising rates. But he may signal that any rate cuts are unlikely until well into next year. The central bank has already helped drive inflation down from painfully high levels. But Fed officials have said they need to keep rates high to further slow borrowing and spending and reduce inflation to their 2% target.
09:20 AM
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The message from the Fed chief Jerome Powell tonight will be keenly watched for any clues on the future trajectory of interest rates in the US. The Fed chief is unlikely to indicate that the rate hiking cycle is coming to an end.
An unhealthy trend in the market is the sustained rise in the prices of many small-and micro-cap stocks. This is partly aided by the sustained flow of funds into the small-cap segment. Valuations in the segment are approaching risky levels. Safety is now in large-caps.
09:20 AM
Morning view by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The message from the Fed chief Jerome Powell tonight will be keenly watched for any clues on the future trajectory of interest rates in the US. The Fed chief is unlikely to indicate that the rate hiking cycle is coming to an end.
An unhealthy trend in the market is the sustained rise in the prices of many small-and micro-cap stocks. This is partly aided by the sustained flow of funds into the small-cap segment. Valuations in the segment are approaching risky levels. Safety is now in large-caps.
Pessimism across global equities could dampen the local market sentiment and a rough intra-day session could be on the cards for investors. Traders will continue to maintain caution and may trim their equity exposure in case the global mood worsens ahead of the key Federal Reserve Chairman Jereme Powell’s speech at annual Fed Jackson Hole symposium later today. Traders would gauge from the Fed’s speech whether inflation continues to remain a challenge and more rate hikes could be in the offing going ahead.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
08:12 AM
Stock Markets Live: Gold bound for best week in six, spotlight on Powell’s speech
Gold prices steadied near two-week highs on Friday and was headed for their best week in six as U.S. Treasury yields backed off highs ahead of speeches by top central bankers including Fed Chair Jerome Powell that could guide on future interest rates.
08:11 AM
Stock Market Live Updates: Dollar loiters at two-month peak ahead of Powell speech
The U.S. dollar sat at an over two-month peak on Friday, on course for its sixth straight week of gains as markets await a speech from Federal Reserve Chair Jerome Powell to gauge the path of monetary policy.
08:10 AM
Stock Market Live: Nvidia-led rally pauses as investors eye Jackson Hole
World stocks receded as investors took a breather after bets that tech darling Nvidia will deliver blockbuster results paid off, while Treasury bond yields edged back higher following a big sell-off.
07:30 AM
Stock Market Live Updates: GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded 18.5 points, or 0.10 per cent, higher at 19,311.50, signaling that Dalal Street was headed for positive start on Friday.
