Before Market Opens: 9 things to know at 9 am on February 24, 2023

Wall Street ended a topsy-turvy Thursday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how interest rate policy might affect the US economy. The Dow Jones Industrial Average rose 108.82 points, or 0.33%, to 33,153.91, the S&P 500 gained 21.27 points, or 0.53%, to 4,012.32 and the Nasdaq Composite added 83.33 points, or 0.72%, to 11,590.40.

Asia-Pacific markets were largely higher on Friday as the nominee to lead the Bank of Japan Kazuo Ueda spoke at the confirmation hearing. The Nikkei 225 rose 0.44%, and the Topix climbed 0.16% as investors also digested Japan’s core inflation which rose 4.2% in January. In Australia, the S&P/ASX 200 rose 0.32%. South Korea’s Kospi gained 0.26%.

At 8:20 am, the SGX Nifty was trading 54 points or 0.31 percent higher at 17,644, indicating a positive opening for the Indian markets. 

Equity benchmarks the Sensex and the Nifty settled in the red for the fifth consecutive session on February 23 amid mixed global cues. The market is concerned about a more extended phase of monetary tightening and its impact on corporate earnings and economic growth. Sensex remained volatile throughout the session, reacting to mixed global cues and eventually ended 139 points, or 0.23 percent lower at 59,605.80 while the Nifty50 closed with a loss of 43 points, or 0.25 percent, at 17,511.25.

Oil prices settled up 2% on Thursday on expectations of steep cuts to Russian production next month, but a stronger dollar and a sharper-than-expected jump in US inventories added to demand concerns. Brent crude futures settled up $1.61, or 2%, to $82.21 a barrel, compared with about $98 a barrel on the eve of Russia's invasion of Ukraine a year ago. West Texas Intermediate crude futures (WTI) settled up $1.44, or 2%, to $75.39 a barrel, ending a sixth session losing streak.

US economic growth in the fourth quarter was weaker than previously estimated, reflecting a downward revision to consumer spending.Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the US, increased at a 2.7% annualized rate during the period, Commerce Department data showed Thursday. The figure compares with a previously reported 2.9% advance. 

The rupee rose 11 paise to close at 82.74 per dollar in the previous session after the greenback cooled off against its peers. Experts expect the Indian currency to trade in the range of 82.50 to 83.

Gold prices edged up on Friday as the US dollar softened, while traders awaited economic data due later in the day to gauge the Federal Reserve's rate-hike stance. The dollar index eased off a seven-week high hit on Thursday, making bullion less expensive for buyers holding other currencies, reported Reuters.

Foreign institutional investors (FII) sold shares worth ₹1,417.24 crore, whereas domestic institutional investors (DII) bought shares worth ₹1,586.06 crore on February 23, the National Stock Exchange's provisional data showed.