Market Live Updates 1 June

On Thursday, the broader index in the Indian stock market, as indicated by the SGX Nifty, is expected to open marginally lower with a loss of 74.5 points. The SGX futures stood at 18,587.

In the US markets, stock futures slightly dipped after the conclusion of May, which saw a significant rally in artificial intelligence-related stocks. Futures for the Dow Jones Industrial Average declined by 47 points, or 0.14 percent, while S&P 500 futures and Nasdaq 100 futures also edged lower. The Nasdaq Composite recorded a 5.8 percent gain in May, driven by the positive sentiment surrounding AI stocks. Chipmaker Nvidia experienced a notable surge of 36 percent in May, briefly reaching a market cap of $1 trillion. Companies like Alphabet, Meta (formerly Facebook), and Amazon also saw gains of at least 10 percent during the month. However, outside the tech sector, gains were relatively scarce. The S&P 500 inched up by 0.3 percent, while the Dow fell by almost 3.5 percent, primarily influenced by the performance of Nike, Walt Disney, and Chevron.

European stock markets closed lower on Wednesday due to concerns about the US debt ceiling bill ahead of the June 5 deadline. The Stoxx 600 index concluded the session with a 1.1 percent decrease, with all sectors and major bourses experiencing negative performance. Automotive stocks recorded a decline of 2.5 percent, while chemical stocks fell by 2 percent. The FTSE closed 1.01 percent lower at 7,446 points, the DAX closed 1.54 percent lower at 15,664 points, and the CAC 40 Index closed 1.54 percent lower at 7,098 points.

In Asia-Pacific markets, most indices were higher on Thursday, anticipating a final vote on the US debt ceiling bill after it passed a significant procedural hurdle in the House. Private surveys for factory activity data for China, Japan, South Korea, and several ASEAN countries were scheduled for release later in the day. The Nikkei 225 in Japan witnessed a gain of 0.18 percent after retreating from the 31,000 mark on Wednesday, while the Topix also increased by 0.22 percent. South Korea's Kospi and Kosdaq both rose marginally, but Australia's S&P/ASX 200 continued its downward trend for the fourth consecutive day with a slight decrease in early trade. Hong Kong's Hang Seng index is expected to decline further into bear market territory, with futures at 18,163 compared to the HSI's previous close of 18,234.27. HSI futures reached their lowest level since November 28, 2022.

Oil prices fell on Wednesday due to a stronger US dollar and concerns about weak data from China, the top oil importer, which raised fears about demand. Brent crude futures for August delivery dropped by 94 cents, or 1.28 percent, to $72.60 a barrel, while US West Texas Intermediate crude (WTI) fell by $1.47, or 2.12 percent, to $67.99. Both benchmarks experienced declines of over $2 earlier in the session, reaching multi-week lows, and fell by more than 4 percent on Tuesday.

The US dollar index traded 0.16 percent higher in futures at 104.34, while the value of one dollar remained close to Rs 82.69.

Gold prices strengthened on Wednesday, supported by lower Treasury yields, but the strength of the dollar, expectations of more interest rate hikes, and optimism regarding a US debt deal kept bullion on track for its first monthly decline in three months. Spot gold increased by