Trade Setup for Monday: Stock Market Today (11 March 2024)
Trade Setup for Monday, 11 March 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Market Indexes
Asian stock market indexes are trading mostly in the red on Monday, tracking losses from Wall Street on Friday. On Saturday, the inflation report from China showed that the country’s consumer price index rose by 0.7% YoY in February, compared to ( -0.8%) in January and the expectation of 3%.
Japan’s Nikkei is trading sharply lower by 2.23%, while Australia’s S&P ASX 200 index is down 1.31%. South Korea’s Kospi index is marginally down by 0.28%. Shanghai is slightly up by 0.11%, while Hang Seng trades higher by 1.39%. The Straits Times and Taiwan are trading slightly lower at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes ended the volatile session with losses on Friday, as investors digested the mixed job reports for February. The monthly jobs report showed that the US economy added 275,000 jobs compared with an economist’s expectation of 198000. Meanwhile, the unemployment rate rose unexpectedly to 3.9% and wage growth declined slightly in February.
The mixed job reports intact the optimism for June interest rate cuts, as some traders feel that the Fed can manage inflation without any adverse effects on the economy. The S&P 500 and Nasdaq fell sharply, as Nvidia’s downturn weighed on tech stocks. Nvidia shares declined more than 5% on profit booking and stock split speculation on Friday.
The key US stock market index, the Dow Jones Industrial Average (DJIA) fell 0.18%, while S&P 500 and Nasdaq declined 0.65% and 1.16% respectively on Friday.
European Stock Market Indexes Updates
On Friday, European stock markets closed mixed, as investors assessed the US job report and the ECB’s signals for rate cuts. Germany’s industrial output rose 1% in January, more than the expectation of 0.5. The final data showed that the eurozone gross domestic product (GDP) remained steady in the fourth quarter of 2023.
Earlier on Friday, the market sentiments were positive, as traders were encouraged after the ECB revised its inflation forecast for 2024 to 2.3% from 2.7% and signaled for a rate cut starting from June. The pan-European Stoxx 600 index closed 0.20% higher at 503.26. The key European stock market indexes CAC closed higher by 0.15%, while DAX closed lower by 0.16%, while the UK’s FTSE was down by 0.43%.
Indian stock markets
Indian stock markets closed edged higher on Thursday, extending their winning streak for the second straight session. The domestic markets opened higher, following positive global cues on Thursday, erasing all early gains in the morning deal. Sensex and Nifty traded a range-bound session and closed with minor gains. Indian markets were shut on Friday, 8 March 2024, because of Mahashivratri.
The market breadth was slightly negative, with the advance-decline indicating a ratio of 1:2 at the close. FIIs and DIIs were net buyers in the equity cash segments, FIIs bought shares worth Rs 7304.11 crore while DIIs acquired shares worth Rs 2601.81 crore on Thursday.
Stock Market Today
The cues from the US and Asian Markets are negative. Gift Nifty is trading slightly lower at 22615 levels. Indication from the Gift Nifty is positive today. Indian stock market indexes are likely to open in positive territory but will remain volatile due to higher-level profit bookings.
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