Stock Market LIVE: Indices to be under pressure at start as SGX Nifty is in red

Global investors remain concerned about uncertainty about where interest rates and inflation are heading. Domestically, Adani stocks will be in focus on Friday after Norway’s sovereign wealth fund sold its remaining stake in the Adani Group companies after they became embroiled in a scandal and slumped in value.

10 Feb 2023, 07:30:19 AM IST

MSCI cuts 3 Adani group companies’ free-float designations

Index provider MSCI said it has cut the free-float designations of four securities of India’s Adani group, a move which analysts have warned could impact their index weightings.

MSCI said in a statement it has reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC. The remaining companies’ free floats will remain the same. Adani did not immediately respond to a request for comment from Reuters. (Read More)

10 Feb 2023, 07:28:42 AM IST

Wall Street sinks on Thursday as early rally fizzles amid higher yields

Stocks dropped Thursday following another mixed set of profit reports from companies, as rising expectations for interest rates keep up the pressure on Wall Street.

The S&P 500 fell 0.9%, while the Dow Jones Industrial Average lost 249 points or 0.7%, and the Nasdaq composite sank 1%. All three indexes had been up by close to 1% in the morning before momentum gave out.

Stocks have been shaky this week, flipping from gains to losses and back again amid uncertainty about where interest rates and inflation are heading. A still-strong jobs market has investors buying more into the Federal Reserve’s forecast that it will hike rates a couple more times before holding them at a high level through this year. High rates can drive down inflation but also raise the risk of a recession and hurt investment prices.

A narrowing disconnect between markets and the Fed could lead to less volatility in markets in the future, said Thomas Martin, senior portfolio manager at Globalt Investments. But for now, with a jumble of earnings reports pouring in from companies along Wall Street and questions remaining about whether the economy can avoid a sharp recession, swings are likely to remain. (AP)

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