Trade Setup for Thursday 24 Aug: Stock Market Today
Trade setup for Thursday 24 Aug 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 markets are trading higher on Thursday following the gains from Wall Street overnight due to a rally in tech stocks. Investors are looking ahead to the central bank rate decisions from Indonesia, while the Central Bank of Korea kept the interest rates unchanged on Thursday. South Korea’s Producer Price Index (PPI) growth slowed in July on a YoY basis, compared to June.
The major Asian stock market indexes, Nikkei, Kospi, Shanghai, and Hang Seng are trading higher by 0.26%, 0.80%, 0.39%, and 1.15% respectively. Other indexes like the Straits Times and Taiwan are also trading higher at 7.10 a.m. IST.
Gift Nifty is trading marginally higher at this time, up by 9 points at 19514 levels. The indications from Asian markets are positive today. Indian stock market indexes are likely to open higher and trade above the flat line today.
U.S. Stock Market Indexes Update
The US stock markets closed higher on Wednesday, as big tech stocks rallied ahead of Nvidia’s quarterly result, which was due after the bell. Nvidia gained above 3%, just ahead of the quarterly earnings. The company reported better-than-expected second-quarter results and upbeat guidance after the closing bell on Wednesday.
Meanwhile, the share price of Foot Locker fell sharply on Wednesday, as the company reported downbeat quarterly earnings. While Abercrombie & Fitch Company jumped 23%, as the company reported better-than-expected quarterly earnings and lifted its annual guidance on performance.
The S&P Global flash PMI data showed that the US business activity expanded at a slower pace in early August, while the newly constructed homes sold better than expected in July.
The US benchmark 10-year-old Treasury yields declined to 4.194% from Tuesday’s close at 4.329%. The key US stock market indexes Dow Jones and S&P 500 gained 0.54% and 1.10% while Nasdaq jumped 1.59% on Wednesday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Wednesday, as flash manufacturing and services PMI data fell faster than expected in August, especially in Germany. This has raised hopes among traders that the European Central Bank (ECB) may hold the rate-hike cycle. Investors are looking ahead to Nvidia’s second quarterly earnings, which will be announced after the closing bell on Wednesday.
The pan-Europen Stoxx 600 index gained 0.44%. The major sectoral indices closed in the positive zone, Utilities led the gains, up more than 1% while oil & gas stocks closed lower. The European stock market indexes, CAC and DAX gained slightly by 0.08 percent and 0.14 percent respectively, while the UK’s FTSE was up by 0.68 percent on Wednesday.
Indian Stock Market Indexes
Indian stock markets ended higher after initial volatility on Wednesday. The domestic market gained for the third straight session amid mixed global cues. The pullback in the banking and financial stocks lifted the market sentiments.
The market breadth was strong with the advance decline indicating a ratio of 2:1 at the close. FIIs and DIIs both were net buyers in the Indian equity markets on Wednesday. FIIs bought shares worth Rs 614.32 crore while DIIs purchased Rs 125.03 crore.
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