Before Market Opens: 9 things to know at 9 am on June 22, 2022

Wall Street's major indices jumped over 2 percent on Tuesday as investors scooped up shares of mega-cap growth and energy companies after the stock market swooned last week on worries over a global economic downturn. The Dow Jones Industrial Average rose 641.47 points, or 2.15 percent, to 30,530.25, and the S&P 500 gained 89.95 points, or 2.45 percent, at 3,764.79. The Nasdaq Composite added 270.95 points, or 2.51 percent, at 11,069.30.

Shares in the Asia-Pacific region traded mixed on Wednesday, as Wall Street bounced back after a turbulent week. Japan’s Nikkei 225 gave up early gains to sit below the flatline, while the Topix was 0.14 percent higher. The Kospi fell 1.1 percent, while the Kosdaq was declined 1.41 percent.

Indian indices rose on Tuesday backed by broad-based gains, rising for a second straight day following a six-day sell-off that took away seven percent of their value. BSE Sensex advanced 934.23 points or 1.81 percent to settle at 52,532.07 while the NSE Nifty climbed 288.65 points or 1.88 percent to finish at 15,638.80.

At 8:20 am, the SGX Nifty was trading 89 points or 0.5 percent lower at 15,544 indicating a weak opening for the Indian markets.

Oil prices skidded in early trade on Wednesday amid a push by US President Joe Biden to bring down soaring fuel costs, including pressure on major US firms to help ease the pain for drivers during the country's peak summer demand. The US West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2 percent, to $108.18 a barrel at 0031 GMT, while Brent crude futures dropped $1.33, or 1.2 percent, to $113.32 a barrel.

The Federal Reserve will deliver another 75-basis-point interest rate hike in July, followed by a half-percentage-point rise in September, and won't scale back to quarter-percentage-point moves until November at the earliest, according to economists polled by Reuters.

Foreign institutional investors (FIIs) have net sold ₹2,701.21 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of ₹3,066.41 crore worth of shares on June 21, as per provisional data available on the NSE.

Gold prices retreated in the international market on June 22 as the dollar and Treasury yields firmed, but prices were range-bound as investors awaited fresh cues on top central banks' monetary policy plans, especially from the US Federal Reserve, reported news agency Reuters.

The rupee fell 10 paise to end at 78.08 per dollar on June 21 amid gain in the US dollar.