SGX Nifty Trades Flat in Pre-Open Session, Dow Futures Dip

By Malvika Gurung

Investing.com — The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50, traded 0.06% or 11 points higher at 8:52 am on Monday, indicating a flat opening on Dalal Street.

Further, the Dow Jones Futures slipped 0.12% and Nasdaq 100 Futures advanced 0.13%.

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Major US indices declined on Friday pulled down by heavyweights including Microsoft (NASDAQ:MSFT) as comments from two Fed officials eclipsed the market’s optimism that the central bank would near its rate hike cycle.

Nasdaq Composite fell 0.68%, Dow Jones dropped 0.32% and S&P 500 declined 0.37%. However, the three indices gained 3.2%, 1.2% and 2.6%, respectively during the data-packed week.

US markets will remain closed on June 19, on account of Juneteenth.

Asian shares traded mostly lower on Monday, following one of the best weeks in nearly five months as investors awaited the People’s Bank of China Loan Prime Rate and Fed Chair Jerome Powell’s testimony on the economic outlook and recent monetary policy actions.

Despite dipping in Monday’s early trade, Japan’s Nikkei 225 continues to near its 33-year peak.

At 8:54 am, Japan’s Nikkei traded flat, South Korea’s KOSPI lost 0.68%, Hong Kong’s Hang Seng index tanked 1.3%, China’s Shanghai Composite reduced 0.6% and Australia’s ASX 200 rose 0.66%.

Oil prices tumbled on Monday as investors awaited interest rate cuts from major importer China, while the US monetary policy remained under focus. Brent crude plunged 1.5% to $75.46/barrel and WTI Futures traded at $70.94 a barrel. Natural Gas Futures fell 1.64%.