Imminent rate hike to test Markets

U.S. equities fell amid renewed inflation fears after AI leaders warned of rapid technological risks, triggering a rotation out of semiconductors and pressuring major indices. Drone attacks that shut a Saudi pipeline sent crude sharply higher, briefly pushing the 10‑yr U.S. yield to 5% and reinforcing expectations of a Fed rate hike. CPI remained sticky at 3.4%, keeping policy uncertainty elevated. Gold extended losses as yields climbed.

Indian IT ADRs rallied on global sector rotation, while domestic markets weakened for a sixth straight week. With Nifty nearing 23,172–23,200, a technical pullback is possible; fresh shorts are best avoided unless this support breaks. Immediate resistance: 23,600.