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

Wall Street's main indexes extended losses on Friday as investors worried that the Federal Reserve will need to be more aggressive than expected in raising interest rates to combat inflation. The Dow Jones Industrial Average fell 98.6 points, or 0.3 percent, to 32,899.37, the S&P 500 lost 23.53 points, or 0.57 percent, to 4,123.34 and the Nasdaq Composite dropped 173.03 points, or 1.4 percent, to 12,144.66.

Asian markets got off to a shaky start on Monday as US stock futures took an early skid on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%, and Japan's Nikkei 1.2 percent.

Rate hikes and the consequent sharp gains in the US dollar did not go down well with equity investors as the domestic market ended with losses on May 6. Sensex ended 867 points, or 1.56 percent, lower at 54,835.58. Nifty ended the day at 16,411.25, down 271 points, or 1.63 percent.

At 8:20 am, the SGX Nifty was trading 229 points or 1.4 percent lower at 16,211, indicating a gap-down opening for the Indian markets.

Oil declined as the week’s trading kicked off as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and China’s lockdowns. West Texas Intermediate fell toward $109 a barrel after closing at a six-week high on Friday.

Foreign institutional investors (FII) net sold Indian shares worth ₹5,517.1 crore on Friday — the biggest outflow since April 18, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases worth ₹3,014.9 crore.

The rupee fell 66 paise to close at 76.92 against the US dollar in the previous session on May 6 as the the dollar index hit nearly 20 year highs and the benchmark 10-year bond yields in the United States also crossed 3 percent mark.

Gold settled on a mixed note in the international markets. Gold June futures contract settled at $1,882.80 per troy ounce, up 0.38 percent.

Group of Seven (G7) nations committed on Sunday to ban or phase out imports of Russian oil and the United States unveiled sanctions against Gazprombank executives and other businesses to punish Moscow for its war against Ukraine, reported Reuters.