Trade Setup for Friday: Stock Market Today (8 Dec 2023)
Trade Setup for Friday
Trade Setup for Friday, 8 Dec 2023: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock markets are mostly trading higher on Friday following the positive cues from the US markets overnight. Japan’s Nikkei is trading lower by 1.26% as the country’s third-quarter GDP was revised downwards in a surprise move. Australia’s S&P ASX 200 index is trading slightly higher by 0.07%.
South Korea’s Kospi is trading higher by 0.78%. Shanghai index is trading higher by 0.25%, while Hang Seng is also trading higher by 0.60% on the last trading day of the week. Elsewhere, the Strait Times and Taiwan are trading higher at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed higher on Thursday, due to a rally in tech stocks led by Alphabet and AMD after both the company launched their AI products on Wednesday. The Google parent Alphabet gained more than 5% after the company launched its “most powerful” artificial intelligence model “Gemini”. AMD rose more than 9% after launching its new AI chip MI300X in competition with Nvidia.
The weekly jobless claim data showed Americans who filed for the first time for unemployment benefits came in at 220,000 in the last week slightly higher from 219,000 reported in the previous week, while the expectation was 222,000. Investors are now looking for monthly non-farm payroll data to gauge the Fed’s next move on the interest rate-cutting path.
The Dow Jones Industrial Average and S&P 500 index snapped a 3-day losing streak and closed higher by 0. 17% and 0.80% respectively. The tech-heavy Nasdaq Composite Index jumped 1.37% on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed lower on Thursday, as investors digested eurozone economic data. According to the data showed by Eurostat on Thursday, GDP growth has decreased by 0.1% in the Eurozone for the third quarter as compared to the previous quarter. Annually, GDP was 0.0% in both the Eurozone and across the wider bloc, the expectation was a marginal rise, of 0.1%, in the Eurozone.
A separate report showed that German industrial production unexpectedly fell by 0.4% in October as compared to September. Meanwhile, Halifax data showed UK house prices rose for a second straight month in November, due to tight supply which capped the market downside.
The pan-European Stoxx 600 index declined 0.27% with the retail sector leading the losses. The major European stock market indexes, CAC and DAX ended lower by 0.10% and 0.17% respectively, while the UK’s FTSE was down by 0.02% on Thursday.
Indian Stock Market Indexes
Indian stock markets snapped a seven-day winning streak and closed with minor cuts on Thursday. The domestic indices opened on a cautious note and traded below their neutral lines throughout the day. Traders remained sidelined ahead of the Reserve Bank of India’s (RBI’s) monetary policy outcome.
The market breadth was quite strong with the advance decline indicating a 3:2 ratio at the close. Both FIIs and DIIs were the net sellers in the Indian equity market segments, FIIs sold shares worth Rs 1564.03 crore while DIIs offloaded shares worth Rs 9.66 crore on Thursday.
Stock Market Today
Gift Nifty is trading slightly higher by 6 points at 21082. The indications from the US markets and Asian markets are positive on Friday. Indian stock market indexes are likely to open higher and trade volatile ahead of RBI monetary policy. Traders should remain cautious and trade with strict stop loss.
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