Investing.com -- The Nifty 50 futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty 50, traded 0.34% or 64.5 points lower at 23:21 ET (03:21 GMT) on Tuesday, indicating a negative opening on Dalal Street.
Further, the Dow Jones futures declined 0.37% and Nasdaq 100 futures dropped 0.22%.
The US market remained closed on Monday on account of the Juneteenth holiday. However, stock futures declined as investors awaited key speeches from Fed officials and FOMC members lined up in the holiday-curtailed week, especially Fed Chair Jerome Powell’s testimony on the economic outlook and recent monetary policy actions scheduled on June 21, 2023.
Nasdaq Composite fell 0.68%, Dow Jones dropped 0.32%, and S&P 500 declined 0.37% in the previous session, while jumping 3.2%, 1.2%, and 2.6%, respectively, last week.
Asian shares traded mostly lower on Tuesday after the People's Bank of China cut two benchmark lending rates during the day, but investors remained concerned that the rate cuts were not enough to boost confidence in Asia’s largest economy, and looked forward to a wider stimulus package.
At 23:24 ET, Japan’s Nikkei 225 declined 0.6%, South Korea’s KOSPI lost 0.32%, Hong Kong’s Hang Seng index tanked 1.5%, China’s Shanghai Composite dropped 0.23%, and Australia’s ASX 200 surged 1%.
Oil prices dipped on Tuesday as investors weighed another interest rate cut in China against increasing pessimism over its economic prospects this year, an Investing.com report noted.
Brent crude traded at $76.01/barrel and WTI futures retreated 0.45% to $71.19 a barrel. Natural Gas futures fell 0.8%.