Trade Setup for Monday: Stock Market Today (19 February 2024)

 

Trade Setup for Monday, 19 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 mixed on Monday, following negative cues from the US markets on Friday and as China resumed trading after a long holiday. Japan’s Nikkei 225 is trading marginally lower by 0.32%, while Australia’s S&P ASX 200 is up by 0.15%, extending its early gains.

South Korea’s Kospi index is gaining 0.93%. Meanwhile, traders in China are back on the trading floor after a week-long Lunar New Year holiday. China’s Shanghai index is trading higher by 0.26%, while Hang Seng is trading lower by 0.87%. The Straits Times and Taiwan indexes are trading in the green territory at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

On Friday, the US stock market indexes closed in the red and ended the week slightly lower. The US markets fell, as the Treasury yields jumped after the producer price index came in hotter than expected in January. After the increase in CPI inflation, the latest data on Friday showed that the US Producer Prices Index (PPI) had increased by 0.3% at a five-month high in January. It was recorded only 0.1% in December. 

The core wholesale prices rose 0.5%, much higher than the market expectation of 0.1%. The 10-year US Treasury yields jumped to an intraday high of 4.343% on Friday and closed at 4.284%, it was closed at 4.227% in the previous session. 

On the earnings front, Coinbase Global Inc. and Applied Material Inc. gained, while Door Dash Inc and Roku Inc closed lower after the announcement of fourth-quarter earnings. Meanwhile, Nike Inc. declined more than 2% after the sports apparel makers planned to cut about 1700 jobs as a part of restructuring.

The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index closed lower by 0.37% and 0.48% respectively, while Nasdaq was down by 0.82% on Friday. The US stock markets will remain closed on Monday for the Presidents Day holiday.

 

European Stock Market Indexes Updates

 

European stock markets closed higher on Friday, as the latest data showed UK retail sales came in higher than expected in January and rebounded from a record fall in December. The major sectoral indices ended on a positive note with the mining sector gaining the most, while utility stocks declined.

On the earnings front, Metso shares jumped 11% after the Finnish mining equipment maker reported Q4 profits that beat estimates and an upbeat guidance. Shares of NatWest gained after the lender beat expectations in the quarterly earnings with a 20% increase in full-year pre-tax operating profit.

European stock market indexes, CAC, and DAX closed higher by 0.32% and 0.41% respectively, while the UK’s FTSE was up by 1.48% on Friday.

 

Indian stock markets

 

Indian stock market indexes closed marginally higher on Friday, gaining for the fourth consecutive session. The domestic equity markets made a positive opening following the optimistic global cues and traded on a firm note throughout the session. Heavy buying was witnessed in frontline stocks including L&T, Infosys, and M&M.

The market breadth was quite strong with the advance decline indicating a 2:1 ratio at the close. FIIs and DIIs both were net buyers in the Indian equity cash segments. FIIs bought shares worth Rs 253.28 crore, while DIIs acquired shares worth Rs 1571 crore on Friday.

 

Stock Market Today

 

The cues from the global markets are mixed today. Gift Nifty is trading higher by 41 points at 22154 level. The indication from the Gift Nifty is positive today. Indian stock market indexes are likely to open higher and will trade in positive territory.

 

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Also, read  Best Stocks to Buy: Unveiling 3 Hidden Gems for Short-Term Investment

 

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Editor’s Desk