Trade Setup for Wednesday 14 June: Stock Market Today

 

Trade setup for Wednesday 14 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 market indexes are mostly trading higher on Wednesday, tracking the positive cues from Wall Street overnight. Japan’s Nikkei is trading at a new high of 2023, up 1 percent. South Korea’s unemployment rate in May came lower than the previous month. Kospi is trading flat to negative at this moment. Shanghai and Hang Seng are trading higher by 0.16 percent and 0.29 percent respectively.

SGX Nifty is also trading higher by 39 points or 0.21 percent at 18824 levels. The indications getting from the Asian and US markets are positive today. Indian stock market indexes are likely to open higher and will trade volatile, as US Fed’s interest rate decision outcome is due later in the day.

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed higher on Tuesday, S&P 500 closed at a new high of 2023 after the CPI data showed retail inflation has been cut to 50% from last year’s peak but remains above the central bank’s target. The data showed that the CPI inflation rose to 0.1% in May as compared to 0.4% in April, in line with expectations. On a yearly basis, retail inflation is down from 4.9% in April to 4.0% in May.

The US markets ended higher, as the cooler-than-expected inflation data boosted expectations of a pause on rate hikes in Wednesday’s Federal Reserve meeting. Materials and Energy stocks led the gains, on optimism over demand after the People Bank of China cut its short-term interest rates. Tech stocks gained on Tuesday despite weakness in Apple’s stock.

The key US stock market indexes, Dow Jones and S&P 500 gained 0.43 percent and 0.63 percent respectively while tech-heavy Nasdaq was up by 0.83 percent on Tuesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Tuesday, as investors digested strong UK job market data and US inflation data ahead of the Central Bank’s meeting. Most sectors closed in the green on Tuesday, with mining gaining the most followed by tech shares. The US inflation data showed a decline, the lowest level in almost two years.

This helps to gauge the Federal Reserve’s next move in taking decisions about rate hikes. The pan-European Stoxx 600 gained 0.63 percent on Tuesday. The key European stock market indexes, CAC and DAX gained 0.55 [percent and 0.82 percent while FTSE was up by 0.32 percent on Tuesday.

 

Indian Stock Market Indexes

 

Indian stock markets closed higher for the second straight session on Tuesday. The positive global cues and strong economic data lifted the market sentiments. Sensex and Nifty advanced and closed near the day high.

The market breadth was strong with advance decline indicating a ratio of 2:1 at the close. FIIs turned into buyers, they bought shares worth Rs 1677.60 crore while DIIs offloaded shares worth Rs 203.32 crore on Tuesday.

 

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Editor’s Desk