Indian equities may face a cautious session on Friday as US action against major Indian IT firms, weak US markets, elevated Treasury yields and rising…
1/7US Markets | The S&P 500 slipped 0.3% on Thursday as investors monitored Treasury yields and grappled with elevated oil prices. The Nasdaq Composite fell 0.5%, while the Dow Jones Industrial Average traded just below the flatline.
2/7US Treasury yields | The benchmark 10-year Treasury note yield was roughly unchanged at 5.277%, as was the 30-year yield at 5.646%. The 2-year Treasury yield gained more than 3 basis points to 4.802%. Those moves came after Federal Reserve Governor Christopher Waller said more hikes may be needed to curb inflation.
3/7US-Iran war | US President Donald Trump on Thursday said he doesn’t want to make a deal with Iran to end the war, while the US is reportedly preparing for “massive bombing” in the Middle East.
4/7US Unemployment | Applications for US unemployment benefits fell slightly last week to the lowest level since July, showing layoffs remain limited across the job market. Initial claims eased 2,000 to 197,000 in the week ended October 3, according to Labour Department data released Thursday. It marked the fourth straight week that applications have been below 200,000. Initial claims remain near the lowest levels since the 1960s.
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5/7Crude oil | Oil prices spiked after President Donald Trump said he doesn’t want to make a deal with Iran to end the war, while the U.S. is reportedly preparing for “massive bombing” in the Middle East. Brent crude jumped 4% to around $104 per barrel. West Texas Intermediate futures, meanwhile, advanced 4% to around $92.
6/7TCS Q2 Results | The country’s largest IT services company TCS on Thursday reported a 15% jump in net profit to ₹13,884 crore for the September quarter. TCS, the biggest revenue source for Tata Sons, reported a net profit of ₹12,075 crore in the year-ago period and ₹13,349 crore in the preceding September quarter. The company said revenue from operations jumped 11.22% to ₹73,188 crore in the July-September period from ₹65,799 crore in the year-ago period. In the June quarter, its topline stood at ₹72,275 crore.
7/7IT firms | The Trump administration has suspended several major technology and IT outsourcing companies, including Microsoft, Infosys, Tata, Wipro, HCL, Cognizant and Capgemini, from the US Permanent Labour Certification Programme, or PERM, potentially affecting the green-card process for foreign workers. US Labour Secretary Keith Sonderling announced the action alongside Vice President JD Vance and the head of the US Anti-Fraud Task Force, alleging that the companies had misused employment-visa programmes and saying the administration wanted companies to hire more American workers.