Trade Setup for Wednesday: Stock Market Today (10 Jan 2024)
Trade Setup for Wednesday, 10 Jan 2024: 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 market indexes are mostly trading lower on Wednesday, as investors assessed more economic data released in the region. Japan’s Nikkei 225 extended gains after hitting a 33-year high in the previous session, the index is up by 1.66%. Australia’s S&P ASX 200 index trimmed some early losses, trading lower by 0.27% after its November inflation slowed more than expected.
South Korea’s Kospi index is down by 0.38% as the country’s unemployment rate hit a 23-month high. Shanghai and Hang Seng are trading lower by 0.61% and 0.51% respectively. The Straits Times and Taiwan are also trading in the negative territory at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed mixed on Tuesday, as gains in technology shares supported the Nasdaq composite to recover its early losses, Dow Jones declined due to drag in Telecom, Oil & Gas, and Basic Materials. The US markets opened lower, as the 10-year US Treasury yield surged to 4.054% in the early trading and then dipped to 3.994%, later it settled at 4.015% on Tuesday slightly lower than the previous closing.
Investors remain cautious and looking ahead to December’s inflation data on Thursday, for more cues on when the Fed will start cutting the interest rates. The data released on Tuesday showed that the U.S. trade deficit unexpectedly narrowed in November as imports declined.
The key US stock market indexes Dow Jones and S&P 500 declined 0.42% and 0.15% respectively, while the tech-heavy Nasdaq was up 0.09% on Tuesday.
European Stock Market Indexes Updates
European stock market indexes closed lower on Tuesday, as investors were concerned about the future of the global economy. Earlier, the World Bank has revised down the global gross domestic product (GDP) in 2024 from 2.6% to 2.4%.
On the economic front, German Industrial Production fell unexpectedly in November, while the Swiss unemployment rate rose. UK’s Retailers finished 2023 facing challenges and setbacks, as UK’s retail sales in the five-week to December 30 was 25% of the total sales of the same period last year. According to Eurostat data, the Eurozone unemployment rate came slightly lower in November and was in line with June’s historic low.
The pan-European Stoxx 600 index ended lower by 0.19%, with most sectors closed in the negative territory. Mining stocks led the losses on Tuesday, while healthcare stocks closed higher. The key European indexes CAC and DAX declined by 0.32% and 0.17%, respectively, while the UK’s FTSE was down by 0.13%.
Indian stock markets
Indian stock markets erased most of the intraday gains in the second half and closed marginally higher on Tuesday. The domestic markets opened a gap-up following positive global markets. The markets were trading firm in the first half, however, profit booking in banking and finance stocks pared most of the intraday gains in the later part.
The market breadth was positive with advance decline indicating a ratio of 2:1 at the close. FIIs were the net buyers while DIIs were the net sellers in the Indian equity cash segment on Tuesday. FIIs offloaded shares worth Rs 990.90 crore while DIIs bought shares Rs 104.23 crore.
Stock Market Today
The cues from the US and Asian markets are mostly negative. On Tuesday Gift Nifty index closed 29 points down, and currently trading lower by 22 points at the 21580 level. Indian stock market indexes are likely to open lower today and remain volatile.
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