Global cues are firmly risk-off this morning after Brent crude smashed back above $100 on a fresh Middle East flare-up, triggering Wall Street's worst tech session in a month — and GIFT Nifty is pointing to a gap-down open for Indian equities.

US markets — prior close (Thu, Jul 23)

As reported by CNBC and Yahoo Finance, the Dow fell 0.97% (about 507 pts) to 51,711.65, the S&P 500 dropped 1.21% to 7,408.30, and the tech-heavy Nasdaq sank 2.15% to 25,137.69. The slide was led by a ~7% drop in Alphabet on AI-capex worries and a ~14% plunge in Tesla after earnings, with surging oil and rising bond yields adding to the pressure.

Asia — trading now

• Nikkei 225: down about 2.8% near 64,550 (per TradingKey).
• Kospi: off more than 3% around 6,858, dragged by chip and tech heavyweights.
• Hang Seng: soft after Wednesday's ~1% fall to 24,893; Shanghai Composite steadier near 3,869.

Europe & commodities

Europe closed lower on Thursday — the Euro Stoxx 50 down 1.1% and the Stoxx 600 down 0.9% (Sharecast). Brent jumped about 7% to $100.65/bbl — its highest since May — after reported Houthi attacks on Saudi tankers, while WTI traded near $90.65. Gold eased to roughly $4,044/oz (Trading Economics).

Currency & yields

The rupee closed at 96.73/$ on Thursday — near a record low — pressured by the oil spike (ThePrint). The US 10-year yield rose to 4.71%, its highest since January 2025, and the dollar index held around 101. Notably, markets are now pricing roughly a 61% chance of a Fed rate hike in September as oil rekindles inflation fears — a hawkish shift that raises the bar for emerging-market flows.

GIFT Nifty & the India read

GIFT Nifty was near 23,682 around 7:50 am IST, implying a Nifty open roughly 190 pts lower (Nifty closed 23,870 and the Sensex 76,391 on Thursday). Expect a cautious, lower start. Crude above $100 is a direct headwind for India: it widens the import bill and trade deficit, pressures the rupee, and stokes inflation. Watch oil-sensitive OMCs, paints, aviation and tyre names, while firm US yields and a strong dollar keep FII-outflow risk elevated.

Data on the radar

• India: RBI weekly forex reserves, out today (Friday release).
• US: New home sales for June due today; jobless claims printed 221k (a 5-month low) on Thursday. The FOMC decision looms on Jul 29 — a beat/miss on US data now feeds directly into rate-hike odds.

As of 8:50 am IST. Sources: CNBC, Business Standard, ThePrint, Trading Economics, TradingKey, Sharecast. Automated pre-market brief for discussion and education only — not investment advice. Verify before acting.