Trade Setup for Friday: Stock Market Today (23 February 2024)
Trade Setup for Friday, 23 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 markets are trading higher on Friday following the gains from Wall Street. Japanese stock market is not trading on account of the Emperor’s Birthday holiday today, Nikkei 225 gained more than 2% in the previous session. Australia’s S&P ASX 200 index is trading higher by 0.62%.
South Korea’s Kospi index is up by 0.72%. The Shanghai index is trading higher by 0.54% as China’s house price data remained unchanged in January as compared to the previous month, while the Hang Seng index is trading up by 0.46%. The Straits Times is trading in the red, while Taiwan is in the positive territory at 7.15 am IST.
U.S. Stock Market Indexes Updates
On Thursday, the US stock markets ended sharply higher with the S&P 500 index closing at a record high following Nvidia’s solid earnings and optimistic outlook, which lifted other tech stocks. US Markets rallied as investors focused on corporate earnings despite a surge in Treasury yields. The weekly jobless claim showed fresh signs of strength in the labor market, the number of Americans filing new claims for unemployment benefits unexpectedly fell last week.
Nvidia shares gained above 16% and closed at fresh record highs after the chipmaker reported stronger-than-expected fourth-quarter earnings. Moreover, its first-quarter revenue forecast of about $24 billion, is above analysts’ expectations, and that fueled investor’s optimism. Shares of Moderna and Royal Caribbean closed higher above 13% and 6% respectively, while Etsy and Rivian Automotive fell sharply by 8% and 25% respectively after the announcement of corporate earnings on Thursday.
The key US stock market indexes, Dow Jones Industrial Average (DJIA) and S&P 500 indexes closed higher by 1.18% and 2.11% respectively, while the tech-heavy Nasdaq Composite index jumped 2.96%.
European Stock Market Indexes Updates
European stock market indexes ended higher on Thursday with the Stoxx 600 index closing at a record high as investors assessed quarterly earnings and the fresh economic data showed some recovery in February. The market sentiments were boosted following gains in Asian and US markets after the strong quarterly earnings and guidance posted by the US Chip maker Nvidia.
The latest HCOB flash PMI data showed that the eurozone composite data came higher at an eight-month high in February as compared to the last month, but remained in contraction. The preliminary data showed manufacturing contracting but the services sector returning to growth.
The UK’s FTSE gained as Rolls-Royce jumped more than 8% after reporting a more than doubling of its full-year profits, underpinned by its civil aerospace segment. Indivior shares gained 17% after the pharma company posted a 27% jump in full-year profits. European key indexes, CAC and DAX gained 1.26% and 1.45% respectively, while the UK’s FTSE was up by 0.29% on Thursday.
Indian stock markets
Indian stock market indexes closed with strong gains on Thursday amid volatility. The domestic markets opened higher tracking gains from Asian markets and immediately slipped into red. Sensex and Nifty oscillated sharply on both sides and finally closed with significant gains, Nifty hit a fresh record high on Thursday.
The market breadth was positive with the advance decline indicating a ratio of 3:2 at the close. FIIs were the net sellers in the Indian equity cash segments, they sold shares worth Rs 1410.05 crore, while DIIs were the net buyers they bought shares worth Rs 1823.68 crore.
Stock Market Today
The cues from the US and Asian markets are positive today. Gift Nifty closed 71 points higher on Thursday and is trading 15 points down at the 22313 level. The indication from global markets and Gift Nifty both are positive. Indian stock market indexes are likely to open higher and trade positively.
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