Before Market Opens: 9 things to know at 9 am on May 2, 2023

U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week's expected interest rate hike from the Federal Reserve. The Dow dipped 46.46 points, or 0.14 percent, to end the session at 34,051.70. The S&P 500 ticked down 0.04 percent to close at 4,167.87. The Nasdaq Composite fell 0.11 percent, ending at 12,212.60.

Asian stocks rose as trading resumed in most of the region’s markets following a holiday on Monday. Investors are weighing JPMorgan Chase & Co.’s purchase of First Republic Bank along with expectations the Federal Reserve will hike interest rates once again this week. MSCI Inc.’s Asia Pacific Index climbed 0.3%, supported by shares in Hong Kong that gained at the open. The Japanese Nikkei 225 was up 0.35 percent, while the Topix saw a marginal gain. South Korea’s Kospi rose 0.74 percent, while the Kosdaq climbed 0.75 percent after the country saw its inflation rate slow to a 14-month low of 3.7 percent.

At 8:20 am, the SGX Nifty was trading 32 points or 0.18 percent lower at 18,240, indicating a weak opening for the Indian markets. 

Indian Markets were closed on May 1, Monday on account of Labour Day. Meanwhile, on Friday, April 28, the BSE Sensex gained 463 points to close at 61,112 in the previous session, while the Nifty 50 closed 149 points higher at 18,065. 

Oil fell on Monday as concern over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data outweighed support from new OPEC+ supply cuts taking effect this month. Brent crude fell $1.01, or 1.26 percent, to $79.32 a barrel, while the US West Texas Intermediate (WTI) crude slid $1.01, or 1.3 percent, to trade at $75.77.

India's factory activity expanded at its quickest pace in four months in April, driven by solid growth in new orders and output. The seasonally adjusted Manufacturing PMI increased from 56.4 in March to 57.2 in April. 

Gold reversed course to gain, heading into the U.S. session, on Monday, as traders assessed risks from the collapse of the First Republic Bank in the run-up to the Federal Reserve’s rate hike decision this week. Spot gold was up 0.7 percent at $2,003.99 per ounce, after hitting a session low of $1,976.89. U.S. gold futures added 0.7 percent to $2,013.70.

Foreign institutional investors (FII) bought shares worth ₹3,304.32 crore, while domestic institutional investors (DII) purchased shares worth ₹264.27 crore on April 28, according to provisional data from National Stock Exchange.

The rupee pared all its initial gains to settle lower by 3 paise at 81.82 against the US currency on Friday amid a strong greenback overseas.