Before Market Opens: 9 things to know at 9 am on July 4, 2022

Wall Street bounced back to a sharply higher close in light trading on Friday as investors embarked on the second half of the year ahead of the long holiday weekend. All three major US stock indices reversed early losses to end well into the positive territory after the stock market's worst first half in decades. The Dow Jones Industrial Average rose 321.83 points, or 1.05 percent, to 31,097.26, the S&P 500 gained 39.95 points, or 1.06 percent, to 3,825.33 and the Nasdaq Composite added 99.11 points, or 0.90 percent, to 11,127.85.

Asian share markets started cautiously on Monday as a run of soft US data suggested downside risks for this week's June payrolls report, while the hubbub over possible recession was still driving a relief rally in government bonds. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.3 percent, while Japan's Nikkei added 0.9 percent. Meanwhile the Shanghai index edge lower by 0.47 percent.

Benchmark indices settled lower on Friday, with BSE benchmark declining 111.01 points or 0.21 percent to settle at 52,907.93. The NSE Nifty dipped 28.20 points or 0.18 percent to close at 15,752.05.

At 8:20 am, the SGX Nifty was trading 36 points or 0.23 percent lower at 15,708 indicating a negative opening for the Indian markets.

Oil prices fell in early Asian trade on Monday, paring gains from the previous session as fears of global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia. Brent crude futures slipped 35 cents, or 0.3%, to $111.28 a barrel at 0016 GMT, having jumped 2.4% on Friday. U.S. West Texas Intermediate (WTI) crude futures similarly dropped 32 cents, or 0.3%, to $108.11 a barrel, after climbing 2.5% on Friday.

US manufacturing activity slowed more than expected in June, with a measure of new orders contracting for the first time in two years, signs that the economy was cooling amid aggressive monetary policy tightening by the Federal Reserve. The ISM survey's index of national factory activity dropped to 53.0 last month, the lowest reading since June 2020, when the sector was rebounding from a COVID-19 slump. That followed a reading of 56.1 in May. The index would need to decline to 43.1 to signal a recession.

Snapping its five-session losing streak, the rupee rebounded from its lifetime low to close 12 paise higher at 78.94 against the US dollar on Friday amid efforts by the government to curb gold imports and check the current account deficit.

Spot gold rose by 0.36 percent at $1,808.30 per ounce, as of 7:30 am on Monday.

Foreign institutional investors (FIIs) have net sold ₹2,324.74 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of ₹1,310.71 crore worth of shares on July 1, as per provisional data available on the NSE.