US stocks continued to trade lower on Friday after investors' fears on FED rate action resurfaced and Russia's Gazprom decided to suspend supply to Europe till further notice. Stocks rallied post jobs data that showed in-line print but the rally faded as the 'Goldilocks' feeling did not last. Both Dow and S&P lost 1.07% a piece and Nasdaq closed 1.31% lower.
USD index traded flat near 109.63, 10 year retreated to trade below 3.20% and Cboe Vix fell to close below 25.50.
Crude futures traded steady after dramatic sell-off of past few days, Brent traded near 93, WTI near 87.
Indian markets continued to struggle for direction ahead of crucial US jobs data. Global market weakness added some more uncertainty. Indices closed near flat zone as gains from Cap Goods and BFSI names got offset by weakness in IT, Auto and heavyweights like RIL.
Stocks may continue to struggle for direction as mixed news on economic front and uncertainty over quantum of FED rate action keeps markets volatile. Participants may remain watchful and use rotational moves for near term trade and investors may keep some powder dry for some sudden shocks for long term investments.
T.me/AlliesFin
(prices as on 5.15 am IST)
By: via @AlliesFin Serve Stock Market
