S&P 500 falls third day in a row, down 0.21%; GIFT Nifty flat

Market Trend

The US markets continued to fall for a third day in a row, as the market weighed the concerns regarding yields and the geopolitical climate. Markets also had a mixed response as top U.S. central bank officials including Federal Reserve Chair Jerome Powell backed away from providing any guidance on interest rate cuts, during a meeting in Washington on Tuesday.

The S&P index fell 0.21 percent to finish at 5,051.41, while the Nasdaq Composite fell 0.12 percent to 15,865.25. However, the Dow Jones Industrial Average traded 0.37 percent higher at 37,873.17, owing to the UnitedHealth stock’s rally. UnitedHealth surged more than 5 percent after witnessing better-than-expected revenue for their first quarter.

The GIFT Nifty traded marginally higher, up 0.05 percent at 22,197.50.

European markets declined over continued tensions in the Middle East. The FTSE was down nearly 2 percent at 7,820. The DAX also fell 1.44 percent to 17,766 and the CAC traded 1.4 percent lower at 7,932. This decline occurred despite ECB President Christine Lagarde announced that the central bank is on course to cut interest rates in the near term.

Earlier during the day, the Asian markets also witnessed sell-offs as Israel’s response to Iran’s attack is awaited. The Nikkei tumbled nearly 2 percent to 38,471.20. The Hang Seng was also down 2.12 percent at 16,248.97.

Indian Indices also suffered from weak global cues and rising geopolitical tensions. The Nifty fell 0.56 percent to 22,147.90 and the Sensex was down 0.62 percent at 72,943.68.

DIIs net purchased Rs 2,040.38 crore while the FIIs/FPIs continued to net sell Rs 4,468.09 crore.

Crude traded mixed on Tuesday with the WTI Crude flat-to-positive at 85.42. Brent declined marginally to 90.08.