Morning Buzz: Nasdaq Hits New Milestone, Eyes on Powell
Wall Street extended its record-setting rally overnight, with the S&P 500 up 0.58% and the Nasdaq soaring 1.12% to close above the 23,000 mark for the first time. The surge was led by IT, utilities, and industrials, as investor optimism strengthened after the FOMC minutes showed most members favored policy easing in the coming months.
Nvidia gained over 2.2% after announcing a $2 billion investment in Elon Musk’s xAI, boosting sentiment across the tech sector. The move also lifted chip and AI-related names globally, likely setting a positive tone for Indian counterparts such as Tata Elxsi and Persistent Systems.
Bond yields were stable, with the US 10-year at 4.13%, while the Dollar Index eased slightly to 98.7, hinting at a softer greenback trend. Brent Crude hovered around $66.5, a comfort for oil importers like India.
Back home, GIFT Nifty was up 45 points at 25,137, suggesting a mildly positive opening for Indian markets. With global cues supporting risk appetite and the Fed turning dovish, traders will be closely watching Fed Chair Jerome Powell’s speech today for confirmation of the rate-cut timeline.
On the domestic front, attention could turn to IT heavyweights like