Trade Setup for Friday 23 Dec: Stock Market News
Trade setup for Friday 23 Dec– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are trading lower on Friday, following the negative cues from Wall Street overnight. The key Asian stock market indexes, Nikkei, Hang Seng, and Shanghai are trading lower by 1.12 percent, 0.41 percent, and 0.23 percent respectively.
The SGX Nifty is also trading lower by 90 points or 0.50 percent at 18087 levels at 7.20 am IST. The indication getting from Asia and other markets is negative today. The Indian stock market indexes are likely to open lower today.
The US and European stock market indexes update
The US stock market indexes fell on Thursday after strong labor market data and better-than-expected economic growth. Investors feared that US Fed would keep hiking interest rates for longer due to strong economic data
The tech-heavy Nasdaq declined more than 2 percent on Thursday. Micron Technology’s gloomy forecast hit market sentiments and fell the semiconductor index sharply lower. The rate-sensitive growth stocks in the technology and consumer discretionary indexes fell the most among S&P 500’s 11 industry sectors. The key indexes Dow Jones and S&P 500 declined 1.05 percent and 1.45 percent respectively on Thursday.
European stock market indexes reversed early gains on Thursday as the festive cheer fades after the release of better-than-expected US economic data. Earlier the latest data showed that the UK’s third-quarter GDP shrank more than it had estimated earlier. All sectoral indices were closed in red on Thursday. Autos fell furthest, shedding 2.7%, as tech stocks dropped 2.6%.
The pan European Stoxx 600 fell 1 percent lower. The key European stock market indexes CAC and DAX fell 0.95 percent and 1.30 percent respectively while FTSE was down by 0.37 percent on Thursday.
Indian stock market updates
Indian stock markets closed lower for the third consecutive day on Thursday despite the positive cues from the global markets. The market sentiments took a hit as new Covid cases are rising in China and several other countries.
The market breadth was negative with the advance-decline indicating a ratio of 1:3 at the close. FIIs and DIIs both were net buyers in the equity cash segments. FIIs bought Rs 928.63 crore while DIIs bought Rs 2206.59 crore worth of shares on Thursday.
News you should read before the trade setup for today 23 Dec
As the Covid situation is getting worsening in China and several other countries, the Indian government reviewed the situation and issued guidelines for international arrivals in India, which will be effective from 24 December. This includes mandatory random testing of 2% of international passengers at the airport on arrival.
The final estimate of the third quarter US GDP number released on 22 December was 3.2 percent, which was above the earlier estimation of 2.9 percent. The Labor Department said that the total number of Americans filling for unemployment benefits rose to 216000 last week which was below economist estimates for 222000.
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