Trade Setup for Friday: Stock Market Today (19 April 2024)
Trade Setup for Friday, 19 April 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 trading lower on Friday, following negative cues from Wall Street overnight. The chip stocks are in focus after Taiwan Semiconductor Manufacturing Corp beats its first-quarter revenue and profit expectation on Thursday. Japan’s Nikkei 225 is trading lower by 3.08% despite the inflation eased in March. Australia’s S&P ASX 200 index is down 1.43%.
South Korea’s Kospi index is trading lower by 2.14% after gaining the most in the region in the previous session. The Shanghai and Hang Seng indexes are trading lower by 0.21% and 1.27% respectively. The Straits Times is trading flat while Taiwan is down around 2% at 7 am IST.
U.S. Stock Market Indexes Updates
On Thursday, US stock market indexes ended on a mixed note. The Dow Jones Industrial Average closed marginally higher, as investors reacted to the quarterly results. The S&P 500 and Nasdaq indexes closed lower for the fifth consecutive session, its longest losing streak since October, as Treasury yields surged after a hawkish speech by Fed officials.
The 10-year Treasury yield climbed to 4.631% from its previous close of 4.593%. The Fed official said that interest rate cuts will likely begin at the end of this year as the progress of achieving the 2% inflation target is slow.
The Dow Jones Industrial Average (DJIA) closed edge higher by 22.07 points or 0.06% and settled at 37775.38. The S&P 500 index closed lower by 11.09 points or 0.22% and settled at 5011.12. The tech-heavy Nasdaq composite index was down 81.87 or 0.52% and finished at 15601.50.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday as investors cheered eurozone construction activity data. Indexes outperform their US peers, as the recently released economic indicators showed strong enough compared to the US. Investors are hoping, that the ECB will start reducing interest rates in June after the recently released inflation data showed a decline in March, compared to the previous month.
According to the latest data released by Eurostat, Eurozone construction activity rose in February from the previous month. Germany’s construction activity saw a substantial rise in February. The pan-European Stoxx 600 index rose 0.24%.
The pan-European stock market indexes, CAC and DAX closed higher by 0.52% and 0.38% respectively, while the UK’s FTSE was up by 0.37% on Thursday.
Indian stock markets
Indian stock market indexes pared early gains and closed the volatile session with substantial losses on Thursday. The domestic markets opened higher and extended their gains in the morning session. However, profit booking emerged in the second half amid the uncertainty about the US interest rate cut and geopolitical tension.
The market breadth was overall flat, with the advance decline indicating a neutral ratio at the close. FIIs were the net sellers, they offloaded shares worth Rs 4260.33 crore, while DIIs acquired shares in the equity cash segments of Rs 2285.52 crore.
Stock Market Today
The global cues are negative today. Gift Nifty closed lower by 52 points on Thursday and is trading lower by 120 points at 21905 levels. The indications from the global markets and Gift Nifty are negative today. Indian stock market indexes will open a gap-down today and will trade volatile.
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