Before Market Opens: 9 things to know at 9 am on May 24, 2022

US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street's longest streak of weekly declines since the dotcom bust more than 20 years ago. The Dow Jones Industrial Average rose 618.34 points, or 1.98%, to 31,880.24, the S&P 500 gained 72.39 points, or 1.86%, to 3,973.75 and the Nasdaq Composite added 180.66 points, or 1.59%, to 11,535.28.

Asian shares slipped on Tuesday as relief at a rally on Wall Street was quickly soured by a slide in U.S. stock futures, while the euro held near one-month highs as odds narrowed on a July rate rise by the ECB. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3% in hesitant trading. Japan's Nikkei fell 0.4% and Chinese blue chips eased 0.3%.

The Indian market ended lacklustre on May 23 amid mixed global cues even as investors remained cautious on concerns over inflation and prospects of aggressive rate hikes. Sensex ended 38 points, or 0.07 percent, lower at 54,288.61. The Nifty50 ended 51 points, or 0.32 percent, lower at 16,214.70.

At 8:20 am, the SGX Nifty was trading 24 points or 0.15 percent higher at 16,189, indicating a positive opening for the Indian markets.

Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing's promises of stimulus. Brent crude futures for July slid 35 cents, or 0.3%, to $113.07 a barrel by 0122 GMT. US West Texas Intermediate (WTI) crude futures for July delivery dropped 36 cents, or 0.3%, to $109.93 a barrel. Both benchmarks declined by more than $1 earlier in the session.

The economic growth may have slowed to 3.5 percent in fourth quarter of 2021-22 from 5.4 percent in the previous three-month period due to the impact of higher commodity prices on margins, decline in wheat yields and on higher base, ICRA Ratings said on Monday. The agency said the hiccups in the recovery of the contact-intensive services attributable to the third wave of COVID-19 in the country may have also affected the economic growth in the quarter.

The rupee ended with a gain of 2 paise at 77.52 on May 23 even as the equity market ended flat.

Foreign institutional investors (FII) net sold Indian shares worth ₹1,951.17 crore on Monday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases worth ₹1,445.39 crore.

Gold settled slightly higher in the international markets in the previous session. Gold June futures contract settled at $1847.80 per troy ounce with a gain of 0.15 percent.