Trade Setup for Friday: Stock Market Today (26 April 2024)
Trade Setup for Friday, 26 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 mostly higher on Friday as investors are concerned about the US sticky inflation data and are looking for the Bank of Japan’s interest rate decision later in the day. Economists expect the BoJ to keep the interest rate unchanged but would closely monitor the central bank’s steps to support the Yen against the US dollar.
Japan’s Nikkei 225 is trading higher by 0.46% as the Tokyo inflation declined in April from the previous month. Australia’s S&P ASX 200 down 1.22%. South Korea’s Kospi index is up by 0.97%. Shanghai and Hang Seng indexes are trading higher, by 0.65% and 1.22% respectively. Meanwhile, the Straits Times is slightly lower, while Taiwan trades higher at 7.05 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes trimmed some intraday losses and closed lower on Thursday. The markets fell sharply in the morning session after the fresh data showed sticky inflation in the first quarter despite a drop in economic growth. This pushed the Treasury yields to a six-month high and a sharp fall in equity.
The annual US GDP growth declined to 1.6% from 3.4% in the fourth quarter and well below the expectations of 2.5%. However, the closely watched core PCE price index- the Fed’s preferred inflation gauge, surged to 3.7% from 2% in Q1, almost double the rate reported in the previous two quarters. This pushed the first rate cut hope in December this year.
The sentiments were also downbeat as Facebook parent, Meta Platforms fell sharply at 16% on intraday despite reporting better-than-expected Q1 earnings. The stock was down after reporting weaker-than-expected revenue guidance for the second quarter due to spending on AI. Meta Platform trimmed its intraday losses and closed lower by 10.6% on Thursday.
The key US stock market indexes closed lower by 0.98%, while the S&P 500 and Nasdaq were down by 0.46% and 0.64% respectively on Thursday.
European Stock Market Indexes Updates
On Thursday, European stock market indexes closed mixed as investors digested a fresh batch of corporate earnings and M&A news. The sentiments were further downbeat after the US sticky inflation data was released. On the economic front, the German GfK Consumer Climate Indicator showed -24.2, the highest reading in two years and above the forecast of -25.9.
The UK’s FTSE gained 0.48% with the support of mining stocks after the takeover news from “Anglo American” by Australia’s BHP Group. The shares of Anglo American jumped 16% on Thursday. The pan-European Stoxx 600 index closed lower by 0.64%, with most sectors closed in the red. The industrial stocks led the losses, while healthcare ended marginally higher. The key European stock market indexes CAC and DAX closed lower by 0.94% and 0.96% respectively.
Indian Stock Markets
Indian stock market indexes ended the volatile session with major gains on Thursday. The markets opened lower after tracking weak global cues and soon recovered and traded volatile in the first half. The indices extended gains on heavy buying in PSU Banks, Pharma, and Auto shares in the second half on Thursday.
The market breadth was positive with the advance decline indicating a 2:1 ratio at the close. FIIs were the net sellers in the equity cash segments, they offloaded shares worth Rs 2823.33 crore while DIIs were the net buyers and acquired shares worth Rs 6167.56 crore.
Stock Market Today
The cues from Wall Street are negative, while Asian markets are trading higher. Gift Nifty closed higher by 25 points on Thursday and is trading slightly lower by 16 points at 22657. The indication from Gift Nifty is positive today. Indian stock market indexes are likely to open in the green today and will trade volatile.
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