Trade Setup for Monday 10 July: Stock Market Today

 

Trade setup for Monday 10 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock market indexes are mostly trading higher on Monday, as investors are looking ahead to key inflation data this week, including US CPI on Wednesday. Investors are awaiting June’s inflation data from China later during the day which will throw light on the country’s recovery trajectory.

The key Asian stock market indexes Hang Seng, Kospi, and Shanghai are trading higher by 1.60 percent, 0.24 percent, and 0.25 percent respectively. Japan’s Nikkei is trading lower by 0.68 percent, extending its last week’s losses at 7.10 am IST.

Gift Nifty is trading slightly lower by 27 points or 0.14 percent at 19430 levels. The indication getting from the Asian markets is positive as of now. Indian stock markets are likely to open flat to negative note and are expected to remain rangebound.

 

U.S. Stock Market Indexes update

 

The US stock market indexes ended lower on Friday despite the weaker job report released for the month of June, as investors feel that Fed is likely to resume a rate hike in the July meeting. The US markets have already  priced in a 92% chance of a 25 bps rate hike by the Fed in July according to CME Grop’s FedWatch tool

Investors also remain cautious ahead of the inflation data which is scheduled on Wednesday to gauge Fed’s interest rate decision. Energy stocks lead the gain on Friday after the job report. The key US closed market indexes Dow Jones and S&P 500 declined 0.55 percent and 0.29 percent respectively while Nasdaq closed lower by 0.13 percent on Friday.

 

European Stock Market Indexes Updates

 

European stock market indexes mostly erased early losses and closed mixed on Friday. Indexes fell sharply in the previous session after the US private job report showed that employment grew lesser than expected in June. According to a Halifax report on Friday, the UK house price recorded a steep fall in June on an annual basis.

The key European stock market indexes, CAC and DAX closed higher by 0.42 percent and 0.48 percent respectively while UK’s FTSE closed lower by 0.32 percent on Friday.

 

Indian Stock Market Indexes

 

Indian stock market indexes closed lower on Friday due to profit booking at higher. Nifty snapped its 8-day winning streak on Friday. The market sentiments were dampened following the weak global cues. At close the equity benchmarks ended near the day’s low on Friday.

The market breadth was slightly on the positive side with the advance decline indicating a 5:4 ratio at the close. FIIs were the net buyers in the equity cash segment on Friday, they bought shares worth Rs 790.40 crore while DIIs offloaded shares worth Rs 2964.23 crore.

 

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Happy Investing!!

Editor’s Desk