The US markets continued to rise for a second day in a row on May 7 amid revived expectations for rate cuts by the Federal Reserve. At 9:10 pm, the S&P 500 was up by a quarter percent at 5,193.41. The Nasdaq Composite traded 0.16 percent higher at 16,373.57 and the Dow Jones Industrial Average was up 0.17 percent higher at 38,918.93. The top S&P 500 gainers included FMC Corp and Kenvue Inc, trading between 6 to 7 percent higher. Amongst the top losers were BLDR and Walt Disney Co, tumbling up to 16 percent.

Earlier during the month, Federal Reserve Chairman Jerome Powell also stressed the move to slow the pace of reducing the balance sheet in order to provide accommodation to the economy.

The GIFT Nifty edged 0.18 percent higher to 22,434.00 despite the negative close of the Indian indices.

The European markets traded positive on Tuesday with the FTSE starting its week after Monday’s close at 8,313.67, up 1.22 percent. The DAX traded 1.40 percent higher at 18,430.05 and the CAC was up by a percent at 8,075.68.

Earlier during the day, the Asian indices traded mixed. The Nikkei surged 1.54 percent to 38,835.10, pulled by the rally in tech stocks. Some of the top gainers included Tokyo Electron and Disco Corp, trading between 5 to 9 percent higher. The Hang Seng index on the other hand was down 0.53 percent at 18,479.37.

The Indian indices continued to fall for another day owing to selling pressures and weak earnings reports from major stocks. The Nifty ended 0.62 percent lower at 22,302.50 and the Sensex was down 0.52 percent at 73,511.85.

DIIs net purchased Rs 2,304.50 crores while the FIIs/FPIs continued to sell for a fourth day in a row, with net sales at Rs 3,668.84 crores.Crude descended from the previous day’s gains and fell 0.11 percent to $78.39. Brent was also down 0.18 percent at $83.18.