The markets are starting the week on a positive note after a strong jobs report boosted investor sentiment last Friday. Here’s a quick look at key market movements and economic updates for October 7, 2024.
U.S. Market Recap
On Friday, the Dow Jones Industrial Average reached a record high, gaining 341.16 points (0.81%) to close at 42,352.75. The S&P 500 rose by 51.13 points (0.90%) to 5,751.07, and the Nasdaq advanced by 219.37 points (1.22%) to close at 18,137.85. The rally was driven by a strong jobs report for September, showing the biggest job growth in six months and a drop in unemployment to 4.1%.
GIFT Nifty Indicates Positive Opening
The GIFT Nifty is trading slightly higher in the pre-market session, suggesting a positive start for Indian markets. Nifty futures are currently trading at 25,327.20, which points to a likely upbeat trend for the day.
U.S. Bond Market Update
In the bond market, the US 10-year Treasury yield remained stable at 3.96%, while the 2-year bond yield increased by 42 basis points to 3.93% on Monday. The bond market’s movement followed the upbeat jobs data, which is seen as an indicator of the economy’s health.
Oil Market Updates
After posting its largest weekly jump in over a year, oil prices trimmed gains on Monday amid concerns over potential conflict in the Middle East. Brent oil futures for December 2024 delivery dropped by 38 cents (0.49%) to $77.67 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) declined by 27 cents (0.36%) to $74.11 a barrel.
Crude oil price declines as traders await Israel’s response to Iran strike
Institutional Investments
On October 4, 2024, Foreign Institutional Investors (FII) sold shares worth ₹9,896 crore, while Domestic Institutional Investors (DII) purchased shares totaling ₹8,905 crore.
F&O Ban List for October 7, 2024
The following stocks are banned from trading in the F&O segment today:
- BANDHANBNK
- BSOFT
- GNFC
- GRANULES
- HINDCOPPER
- MANAPPURAM
- RBLBANK
F&O Ban List for October 7, 2024: Bandhan Bank, GNFC, Granules, RBL Bank and more
These stocks have exceeded the market-wide position limits, resulting in their trading suspension in the derivatives segment.
This pre-market update sets the tone for a day of trading that seems poised for a positive opening, with global market cues and economic indicators providing direction for investors. Keep an eye on market movements and adjust your strategies accordingly.
