Trade Setup for Wednesday: Stock Market Today (21 February 2024)
Trade Setup for Wednesday, 21 Feb 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 mostly trading lower on Wednesday, tracking losses from Wall Street overnight. Japan’s Nikkei 225 is trading marginally lower by 0.12%, as investors assessed the trade data and after the Reuter’s Tankan poll showed that the country’s manufacturers’ business confidence fell in February.
Australia’s S&P ASX 200 index is down by 0.74%, while South Korea’s Kospi is also trading lower by 0.63%. The Shanghai index is trading marginally lower by 0.08%, while Hang Seng is up 0.32%. 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 lower on Tuesday, as investors remain cautious ahead of the FOMC minutes and Nvidia quarterly results to be announced on Wednesday. The shares of Nvidia fell more than 4% and dragged other technology stocks. However, Intel gained above 2% following the news that the government is in talks to award more than $10 billion in subsidies to the semiconductor firm.
Investors will be closely looking for the Federal Reserve minutes of its January meeting on Wednesday for more clues on the timing of rate cuts and vote split following a few Fed official speeches later during the week.
Walmart shares gained more than 3% after the supermarket giant beat quarterly earnings, while Home Depot closed flat after the home improvement retailer posted a dip in the fourth quarter as compared to the last year.
The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index closed lower by 0.17% and 0.60% respectively, while the tech-heavy Nasdaq ended lower by 0.92% on Tuesday.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Tuesday, following the weakness in global markets, and as investors assessed more quarterly earnings. French auto parts supplier Forvia fell sharply above 9% after announcing large job cuts, the company reported higher sales and opening profits in its full-year results. French industrial gases company Air Liquide jumped above 8% after beating full-year profit expectations.
Meanwhile, the UK’s Barclays gained above 11% following the announcement of a significant operational restructuring including shareholder payouts, considerable cost reductions, asset divestitures, and a restructuring of its business segments, on the back of declining annual profits.
The pan-European Stoxx 600 index closed lower by 0.09%, snapping a four-day winning streak, from near its record highs. Mining stocks fell followed by tech stocks, while chemical stocks jumped. The key European stock market indexes, CAC closed higher by 0.34% while DAX ended lower by 0.14%. The UK’s FTSE was down by 0.12% at the close on Tuesday.
Indian stock markets
Indian stock market indexes closed higher on Tuesday amid volatility, rising for the sixth consecutive session. The domestic markets opened on a cautious note following mixed global cues. However, markets recovered in the last hour and closed with decent gains. Nifty index hits a record high of 22215.60 in the late trade.
The market breadth was slightly on the positive side with the advance-decline indicating a ratio of 4:3 at the close. FIIs were the net sellers in the Indian equity cash segments, they offloaded shares worth Rs 1335.51 crore, while DIIs acquired shares worth Rs 1491.33 crore.
Stock Market Today
The cues from Wall Street and Asian markets are negative today. On Tuesday, Gift Nifty closed higher by 31 points and is currently trading 17 points down at the 22261 level. The indication from Gift Nifty is positive today, Indian stock market indexes are likely to open higher and remain volatile.
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Editor’s Desk
