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Home > Stock Market Updates > Market Savera - 26/07/2024
Podcast: Stock Market Updates
Episode:

Market Savera - 26/07/2024
Category: Business
Duration: 00:01:52
Publish Date: 2024-07-26 03:12:41
Description: The Dow posted modest gains, but the Nasdaq and S&P 500 booked a third straight day of losses, as investors remained cautious ahead of Friday's inflation update. US equities rallied earlier Thursday after data showed the pace of US growth picked up from the previous quarter — while moderating from last year. Gold fell more than 2% on Thursday, after a better-than-expected reading on U.S. gross domestic product led to expectations for higher-for-longer U.S. interest rates, which contributed to a drop in the price of the precious metal to the lowest level in more than two weeks. US economic growth accelerated by more than forecast in the second quarter, illustrating demand is holding up under the weight of higher borrowing costs. Gross domestic product increased at a 2.8% annualized rate after rising 1.4% in the previous quarter and 2% forecast. The personal consumption expenditures price index, a key measure for the Fed, rose 2.6% for the quarter, down from the 3.4% move in Q1. Core PCE prices were up 2.9%, down from 3.7%. Asian equities showed signs of recovery on Friday as traders balanced resilience in the US economy with firming expectations of Federal Reserve cuts in coming months. Nifty ended almost flat on July 25 after a low opening. At close, Nifty was down 0.03% or 7.4 points at 24406.1. Nifty formed a mildly bullish counterattack type candle. The recent weakness may have got arrested and we may see consolidation/upward bounce in the Nifty soon. Nifty could rise towards 24592 in the near term while 24141 could provide support.
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