Trade Setup for Monday: Stock Market Today (8 Jan 2024)

 

Trade Setup for Monday, 8 Jan 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Markets

 

Asian stock market indexes are mostly trading higher on Monday, following the small gains from Wall Street on Friday, and as investors look ahead to key economic data in the region later this week. Inflation data from Japan, Australia, and China will remain the focus in the region this week, while the Bank of Korea will announce its first monetary policy of the year on Thursday.

Japan’s Nikkei is not trading today due to a public holiday. Australia’s S&P ASX 200 index is slightly up by 0.10%, while South Korea’s Kospi is trading higher by 0.33%. Shanghai is down by 0.35%, while Hang Seng is trading higher by 0.62%. The Straits Times and Taiwan are trading in the green territory at 7.05 a.m. IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes ended slightly higher on Friday amid volatility. The week’s eagerly waiting monthly job report showed that US employers hired more workers in December, surprisingly above expectations. The average hourly earnings remained unchanged in December monthly, while the YoY basis increased slightly higher. The unemployment rate defied expectations, maintaining at 3.7%. 

The 10-year Treasury yields climbed above 4% and settled at 4.046% due to a strong job report. However, all three indexes pared early losses, as a survey from the Institute for Supply Management (ISM) showed the services PMI fell sharply in December, as employment was down to almost three and half year low. 

The US stock market index, Dow Jones Industrial Average (DJIA), and S&P 500 index gained 0.07% and 0.18% respectively, while the tech-heavy Nasdaq was up 0.09% on Friday.

 

European Stock Market Indexes Updates

 

European stock market indexes trimmed their early losses in the second half on Friday, as investors digested economic data released in the region. According to Eurostat, the eurozone inflation increased in December, but by less than expected. The core inflation excluding food and energy slightly declined in December. 

Meanwhile, the inflation in France and Germany both came slightly higher in December as against November. Separately, according to the federal statistics office, Destatis, German retail sales fell sharply in November due to a decline in non-food sales.

The pan-European Stoxx 600 index ended slightly lower by 0.27% on Friday. The key stock market indexes in Europe, CAC, and DAX closed lower by 0.40% and 0.14% respectively, while the UK’s FTSE was down by 0.44%.

 

Indian stock markets

 

Indian stock market indexes closed slightly higher on Friday amid volatility. The Sensex and Nifty opened higher amid mixed global cues and traded volatile in the second half. The market sentiments remain upbeat due to the country’s robust services and composite data. The market upside remained capped as the crude oil surged due to concern about Red Sea tension.

The market breadth was slightly positive with advance decline indicating a 3:2 ratio at the close. FIIs were the net buyers in the Indian equity cash segments, while DIIs remained net sellers on Friday. FIIs bought shares worth Rs 1696.86 crore while DIIs offloaded shares worth Rs 3497.62 crore.

 

Stock Market Today

 

The cues from the US and Asian markets are slightly positive today. The Gift Nifty index is also trading marginally higher by 12 points at 21793 level. The Indian stock market indexes are likely to open in the green and trade positively.

 

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You may also like to read –  Nifty and Bank Nifty Prediction for Monday, 8 January 2024

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Happy Investing!!

Editor’s Desk