Trade Setup for Friday 2 June: Stock Market Today
Trade setup for Friday 2 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 trading higher on Friday, tracking the gains from Wall Street overnight. Nikkei is trading higher by 0.64 percent. South Korea’s Kospi is also trading higher by 0.79 percent, as the consumer inflation for May cooled down to 19 month low. Hang Seng and Shanghai are also trading on a strong note, up by 2.20 percent and 0.35 percent respectively.
SGX Nifty is trading higher by 66 points or 0.36 percent at 18630 levels at 7.10 am IST. The indication getting from the Asian stock markets is positive. The Indian stock market benchmark indexes are likely to open a gap-up and trade above the flatline on Friday.
U.S. Stock Market Indexes update
It was a positive start for the US stock markets on the first day of June. The major US stock market indexes rose on Thursday as investors cheered the progress of the debt ceiling deal. Investors were optimistic that the lawmakers will be able to pass the legislative measure ahead of June 5 and that lifted the market sentiment.
On the economic front, the initial jobless claims rose slightly lower than expected, the data showing the strong labor markets. Investors are now waiting for the non-farm payroll report which is due on Friday.
Energy stocks gained the most as oil prices jumped around 3% on Thursday, ahead of the OPEC+ meeting. Tech stocks resumed their upside rally after a pause, as Meta and Apple stocks gained the most. The key US stock market indexes, Dow Jones and S&P 500 were up by 0.47 percent and 0.99 percent respectively, while Nasdaq gained 1.28 percent on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday on easing inflation data and optimism about the US debt deal. The eurozone headline as well as core inflation were below expectations in May. Retail stocks are on the rise across the eurozone after the release of inflation data.
The latest inflation data from Spain, France, and Germany were reported lower than expected, which triggered a hope that interest rates will peak in September, compared with the earlier forecast of December. The fresh economic data from China also boosted market sentiments.
The key European stock market indexes, FTSE and CAC gained 0.59 percent and 0.54 percent, while DAX ended higher by 1.20 percent on Thursday.
Indian Stock Market Indexes
Indian stock market indexes ended with minor losses on Thursday, sliding for the second straight session. The market sentiment was bullish in the morning due to robust domestic economic data and the US House of Representatives approved a deal to allow the US to borrow more money.
The market breadth was strong with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net sellers offloaded Rs 71.07 crore while DIIs bought shares worth Rs 488.93 crore on Thursday.
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News you should read before the trade setup for today 2 June 2023
India’s Goods and Services Tax (GST) revenue collection for May registered Rs 1.57 lakh crore, a 12% rise on a year-on-year basis, according to the Ministry of Finance said on Thursday. The GST collection for May was reported lower than April’s record of Rs 1.87 lakh crore but registered more than 1.4 lakh crore for 14 months in a row now.
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