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

U.S. stocks closed higher on Thursday regaining some of their momentum thanks to a rebound by technology stocks, while volatility dropped to record lows ahead of an eventful economic and policy calendar next week. The Dow Jones Industrial Average rose 168.59 points, or 0.5%, to 33,833.61, the S&P 500 gained 26.41 points, or 0.62%, to 4,293.93 and the Nasdaq Composite added 133.63 points, or 1.02%, to 13,238.52.

Equities in Japan, South Korea and Australia opened higher Friday after a rally in technology stocks pushed the S&P 500 into a bull market with a gain of more than 20% from its October low. In Japan, the Nikkei 225 popped 1.16 percent, reversing some of its losses the last two days, while the Topix gained 0.78 percent. South Korea’s Kospi inched 0.39 percent higher and the Kosdaq moved up 0.76 percent, while Australia’s S&P/ASX 200 rose 0.28 percent. Hong Kong’s Hang Seng index futures stood at 19,379, pointing to a higher open compared to the HSI’s last close of 19,299.18.

At 8:20 am, the SGX Nifty was trading 36 points or 0.19 percent higher at 18,757, indicating a positive opening for the Indian markets. 

Equity benchmarks Sensex and Nifty surrendered early gains to close with losses on Thursday, snapping their four-day winning streak as investors pared exposure to auto, bank and IT stocks after the RBI left its key interest rate unchanged. After remaining in the positive territory for the most part of the session, the 30-share BSE Sensex fell 294.32 points or 0.47 percent to settle at 62,848.64. The NSE Nifty declined 91.85 points or 0.49 percent to end at 18,634.55.

Oil dipped on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown.At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day (bpd) in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices. Brent crude dipped 30 cents, or 0.4 percent, to $76.65 a barrel. U.S. West Texas Intermediate crude lost 41 cents, or 0.66 percent, to $72.05.

The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 percent for the second straight meeting in the June policy given the significant correction in the CPI inflation trajectory. Reserve Bank governor Shaktikanta Das-headed Monetary Policy Committee (MPC) met on June 6, 7, and 8 for this review. The MPC voted unanimously to keep the repo rate unchanged. It decided to take a pause after consecutive rate hikes in 6 previous policies. However, the Governor highlighted that the MPC will take further decisions promptly and appropriately as required, adding that we need to maintain Arjuna's eye on evolving inflation scenario.

The rupee fell 5 paise to close at 82.57 against the US dollar on Thursday, after the Reserve Bank kept the key interest rate unchanged.

Foreign institutional investors (FIIs) bought shares worth ₹212.40 crore, whereas domestic institutional investors (DIIs) sold shares worth ₹405.01 crore on June 8, provisional data from the National Stock Exchange shows.

Gold prices climbed 1 percent on Thursday after data showed U.S. weekly jobless claims surged last week, cementing expectations that the Federal Reserve will pause its interest rate hiking cycle. Spot gold rose 1.4 percent to $1,967.16 per ounce. US gold futures gained 1.2 percent to $1,982.4.