Before Market Opens: 9 things to know at 9 am on July 6, 2022

The S&P 500 ended slightly higher on Tuesday as investors kept their focus on the growth trajectory of the US economy, and the tech-heavy Nasdaq closed higher while the Dow slipped. The Dow Jones Industrial Average fell 129.44 points, or 0.42 percent, to 30,967.82, the S&P 500 gained 6.06 points, or 0.16 percent, to 3,831.39 and the Nasdaq Composite added 194.39 points, or 1.75 percent, to 11,322.24.

Asia-Pacific shares fell at the open on Wednesday despite Wall Street recovering most of its losses by the close. Japan’s Nikkei 225 fell 0.77% and the Topix index slipped 0.72 percent. In South Korea, the Kospi declined 0.52 percent. The S&P/ASX 200 in Australia lost 0.35 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.16 percent lower.

Indian benchmark indices reversed intra-day gains on Tuesday to close in the red amid selling in FMCG, banking and IT stocks. Sensex fell 100.42 points or 0.19 percent to settle at 53,134.35 points. while the broader NSE Nifty shed 24.50 points or 0.15 percent to close at 15,810.85.

At 8:20 am, the SGX Nifty was trading 34 points or 0.22 percent higher at 15,800 indicating gains for the Indian markets.

Oil rebounded above $100 a barrel after plunging more than 8 percent to the lowest close since late April on concern a recession will hurt demand. West Texas Intermediate was 2 percent higher as signs of a tight supply situation tempered fears of a global slowdown. Goldman Sachs Group Inc. said crude’s slump was overdone given that production was lagging behind demand. Commodities have peaked, although raw material prices should remain elevated in the second half, according to Citigroup Inc. The bank said in a note that if there’s a recession, crude could retreat back below $70 a barrel.

Safe-haven demand strengthened the dollar on Tuesday to levels last seen in 2002 while the euro slumped to two-decade lows as the latest surge in European gas prices fueled recession concerns. The dollar index rose 1.6 percent at one point and the euro fell as much as 1.75 percent to lows last seen in late 2002. It was the biggest single-day decline for the euro and the dollar's largest one-day gain since Covid-19 roiled markets in March 2020.

The rupee fell by 38 paise to close at its lifetime low of 79.33 against the US currency on Tuesday due to a stronger greenback overseas and unrelenting foreign fund outflows.

Spot gold rose by 0.23 percent at $1,768.30 per ounce, as of 7:35 am on Wednesday.

Foreign institutional investors (FIIs) turned net buyers for the first time since May 30, buying shares worth ₹1,295.84 crore, whereas domestic institutional investors (DIIs) turned net sellers for the first time since April 11, selling shares worth ₹257.59 crore on July 5, as per provisional data available on the NSE.