Trade Setup for Thursday 8 June: Stock Market Today

 

Trade setup for Thursday 8 June 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 are mostly trading lower on Thursday following similar cues from overnight trade on Wall Street. Nikkei erased early gains and currently trading flat,  Japan’s annual GDP for Q1 was revised higher than expected by the economist. Hang Seng and Shanghai are trading lower by 0.30 percent and 0.09 percent respectively, at 7.15 am IST. South Korea’s Kospi is also trading lower by 0.23 percent.

SGX Nifty is trading marginally higher by 14 points or 0.07 percent at 18826 levels. The cues getting from the Asian stock markets are negative at this moment. Indian stock markets are likely to open flat and will trade in volatile ahead of RBI monetary policy and weekly expiry.

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed mixed on Wednesday, as investors were surprised after the Bank of Canada raised a 25 bps interest rate. Technology stocks fell sharply as investors fear Federal Reserve’s interest rate decision in the next week. The Dow closed higher, led by energy stocks, after recent gains in the oil prices, this followed by material stocks. The fresh data showed that the US trade deficit jumps in April, but was less than expected.

On the earning front, Campbell Soup tumbles 8% after the company reported quarterly results, which met street estimates but guidance that fell short of estimates. Stitch Fix gained 28% after quarterly results as cost-cutting improved its performance.

The key US stock market index, Dow closed higher by 0.27 percent while S&P 500 and Nasdaq declined 1.38 percent and 1.29 percent respectively on Wednesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed marginally lower on Wednesday, as investors were concerned about the outlook for interest rates in the eurozone. A slump in China’s trade data also hit market sentiments on Wednesday. On the economic front, German industrial output rose less than expected in April, which also dented the outlook of the largest economy in the region.

The downside remained capped as Inditex shares jumped 5.7% to a near six-year high after the retailer reported a better-than-expected quarterly profit. The retail sectors led the gains in the region followed by oil & gas and banks while the healthcare sector fell the most on Wednesday.

The pan-European Stoxx 600 index fell 0.2 percent. The key stock market indexes FTSE and CAC declined 0.05 percent and 0.09 percent respectively while DAX was down by 0.20 percent on Wednesday.

 

Indian Stock Market Indexes

 

Indian stock markets ended higher for the fourth straight session on Wednesday. The market sentiments were upbeat due to positive global cues and FII buying. However, the upside remained capped due to some cautiousness ahead of the RBI monetary policy. 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 on Wednesday. FIIs bought shares worth Rs 1382.57 crore while DIIs purchased Rs 392.30 crore.

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