Wall Street looks set to trade lower Tuesday as traders factor in the reduced likelihood of rate cuts in the first half of the year after strong economic data. Rubrik plans a IPO, while UBS announces a new share buyback program.
The U.S. dollar stabilized near its recent over four-month high in European trade Tuesday as strong economic data hit expectations of early rate cuts by the Federal Reserve.
Gold prices surged to a record Monday, as ongoing safe-haven demand helped the yellow metal shrug off a jump in the dollar after signs of U.S. economic strength put a damper on early-rate cut hopes.
The flagship cryptocurrency fell more than 4% in the past 24 hours to $66,495.8 by 04:49 ET (08:49 GMT). The downswing pushed Bitcoin price below the previous week’s stable range of $68,000 to $72,000.
The best performers of the session on the Nifty 50 were Tata Consumer Products Ltd (NS:TACN), which rose 4.06% or 44.10 points to trade at 1,131.00 at the close. Meanwhile, Mahindra & Mahindra Ltd. (NS:MAHM) added 2.95% or 56.50 points to end at 1,972.45 and Bharat Petroleum Corp. Ltd. (NS:BPCL) was up 2.56% or 15.40 points to 616.10 in late trade.
