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US stocks fell on Tuesday as higher yields and disappointing outlook from retailers raised concerns about the state of the consumer. Dow fell almost 2.00% wiping out gains of 2023, S&P also fell 2.00%, its worst day since December 15 and Nasdaq lost close to 2.50%.
USD index moved higher near 104.20, 10 year jumped to multimonth high of 3.95% and cboe vix moved sharply higher above 22.
Crude futures saw some pullback, WTI eased near 76, Brent fell below 83.
Indian stocks closed flat amidst volatility as fears of rates along with Adani group stock effect continued to shadow sentiments on Dalal street. PSU banking names, Metal stocks fell but buying in market heavyweight RIL and some FMCG names helped indices recoup some losses during the day.
Markets may continue to remain volatile on the back of weak global cues. Lack of cash market participation due to tightening of margin may lead to big swings in stock prices ahead of Feb series expiry. Continue to rotate positions within sectors to stay afloat as stocks may remain volatile for near term.
(as on 4.00 am IST)
By: via Telegram.me/AlliesFin #StockMarket #india
