Markets Eye Lower Opening Amid US Tariff Blow; Nvidia Miss Weighs on Global Sentiments 

The S&P 500 closed at a record high of 6,481 as optimism swelled ahead of Nvidia’s highly anticipated earnings. The Nasdaq and Dow Jones also closed positively, driven by strength in the tech and energy sectors. 

Nvidia beat expectations on top and bottom-line results, but its data centre revenue missed estimates due to China sales restrictions, and its future outlook disappointed. Shares fell by more than 3% in after-hours trading, sparking a pullback in U.S. equity futures and raising concerns about the elevated AI companies. 

On Friday, the Commerce Department is scheduled to release its report on personal income and spending for July, which includes the Federal Reserve’s preferred measure of consumer price inflation. 

Energy stocks rose 1.15% as oil prices remained volatile, reflecting geopolitical trade risks and shifts in global inventory levels. Gold edged down to $3,388/oz, as markets digested political pressure on the Fed after President Trump attempted to remove Fed Governor Lisa Cook, stoking talk of accelerated rate cuts. 

The Trump administration doubled tariffs to 50% on Indian imports in retaliation for Russian oil purchases, which raises risks for major Indian exporters and potentially dampens global trade. 

Nifty ended Tuesday’s session with a sharp fall of 255 points or 1.02%, to close at 24712, its lowest level since August 14th. Nifty has breached the crucial 20 and 50-day DEMA supports. The Nifty is close to filling the entire upward gap that was formed between 24673 and 24852. If it falls below 24600, it could be dragged down to the next support level near 24340. On the upside, 24900 is expected to offer short-term resistance.  

Despite positive cues from Asian markets over the past two sessions, domestic markets are expected to open lower as sentiment has been dampened by the US imposing 50% duties on India.  

While markets are expected to decline at the open, support is likely to be found near the 24600-24650 band, given the significant put writing activity, particularly in light of today’s monthly derivative contracts expiry. 

Source: HDFC Securities Prime Daily, 28 August 2025 

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