Trade Setup for Friday 9 June: Stock Market Today

 

Trade setup for Friday 9 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 following the gains from Wall Street overnight. Nikkei is trading higher by 1.59 percent, paring some of its losses made in the previous two sessions. Shanghai is trading flat as investors are waiting for May CPI inflation data, which is expected later in the day. Hang Seng and Kospi are trading higher by 0.38 percent and 0.69 percent respectively at 7 .05 am IST

SGX Nifty is also trading higher by 33 points or 0.18 percent at 18754 levels. The indication getting from the Asian markets is positive today. Indian stock market indexes are likely to open higher today and trade above their flatline.

 

U.S. Stock Market Indexes update

 

The US stock market indexes ended higher on Thursday, as big tech company stocks rallied after Treasury yields dropped. The market sentiments improved after the latest weekly jobless claims data jumps to a 20-month high, which raised an expectation of a pause in rate hikes by the Federal Reserves in next week’s meeting. S&P 500 enters a new bull market hit a new high in 2023

The US Treasury yields fell after the jump in jobless claims news, as bets on the Fed pause increased. The share price of Adobe Systems gained around 5% after launching an enterprise tier for its AI art tool. The share price of GameStop tanked 18% after the company reported quarterly earnings that missed the street estimates.

The key US stock market indexes, Dow Jones and S&P 500 gained 0.50 percent and 0.62 percent respectively while tech-heavy Nasdaq was up 1.02 percent on Thursday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Thursday, as investors were concerned about the uncertainty in the global markets. The fresh official data showed that the eurozone entered recession after GDP growth for Q1 revised to -0.1% from 0.1%. The expectation for Q1 GDP was 0%. While the UK’s job growth accelerated in May as per the private job website “Indeed”

Telecom stocks led the losses while Auto stocks gained the most on Thursday. The pan-European Stoxx 600 index closed flat, The key European stock market indexes CAC and DAX closed higher by 0.27 percent and 0.18 percent respectively while FTSE closed lower by 0.32 percent Thursday

 

Indian Stock Market Indexes

 

Indian stock markets snapped a four-day winning streak and ended in the red on Thursday. The markets were volatile due to the expiry of weekly options and the RBI policy outcome. The weak global cues dampen the domestic market sentiments. 

The market breadth was negative with the advance decline indicating a ratio of 2:3 at the close. Foreign investors were the net buyers while DIIs were the net sellers. FIIs bought shares worth Rs 212.40 crore while DIIs offloaded Rs 405.01 crore.

 

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