US markets fall as investors await CPI data, S&P 500 down 0.8%; GIFT Nifty in red

Global Markets Outlook

US markets declined on April 9 as investors awaited a key inflation indicator: the CPI data to be released on April 10. The CPI data will shape the outlook on the Federal Reserve’s rate cut decisions for the year.

At 8:30 pm IST, the S&P 500 declined 0.79 percent to 5161.18, falling below the 5200 mark. The Nasdaq Composite fell 0.68 percent to 16,144.03 while the Dow Jones Industrial Average traded 0.79 percent lower at 38,587.20.

On the other hand, the US treasuries edged higher with 10-year-yields dropping below their highest levels in 2024; reported Bloomberg.

The GIFT Nifty traded marginally lower, down 0.17 percent at 22,720.00.

European markets traded with lower volatility as investors set their eyes on US inflation. The FTSE was down 0.24 percent lower at 7,924.59 while the DAX traded 1.25 percent lower at 18,089.99. The French CAC declined nearly a percent to 8,042.53 .

Earlier during the day, Asian markets edged higher despite weak global cues. Nikkei surged 1.08 percent higher at 39,773.13 as the Yen weakened while the Hang Seng was up 0.57 percent higher at 16,828.07.

The Indian indices hit new record highs on Tuesday as they rallied on the back of heavyweights such as Titan, Reliance Industries, Asian Paints and TCS. The Nifty set a new high of 22,768.40 and Sensex hit a high of 75,124.28. However, by close the indices ended flat, with the Nifty down 0.11 percent at 22,641.80 and the Sensex ending flat-to-negative at 74,683.70.

DIIs net purchased Rs 2,257.18 crores while the FIIs/FPIs net sold Rs 593.20 crores.

Crude oil dragged under global pressures and declined nearly a percent to $85.63. Brent also fell 0.66 percent to $89.78 per barrell.