Trade Setup for Thursday: Stock Market Today (15 February 2024)
Trade Setup for Thursday, 15 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 rebounded on Thursday following a sharp selloff in most of the indexes in the previous session due to hotter-than-expected US inflation data. Japan is trading higher by 0.84% despite the country’s GDP growth in the fourth quarter missed the estimates. Australia’s S&P ASX is trading higher by 0.70%, snapping a three-day losing streak.
South Korea’s Kospi index erased early gains and is trading flat as investors assessed the trade data. Hang Seng is trading slightly lower by 0.45%, while Strait Times is trading higher by 0.21% at 7.15 a.m. IST. Shanghai and Taiwan are not trading today due to the Lunar New Year holiday.
U.S. Stock Market Indexes Updates
The US stock markets closed higher on Wednesday after a sharp fall in the previous session, as investor’s focus now shifted to corporate earnings. The dovish remarks from the Fed’s official further boosted the market sentiments. Technology shares gained the most as the 10-year Treasury yield slipped to 4.253% from its previous closing of 4.317%.
The Federal Reserve Vice Chair Michael Barr expressed confidence that inflation is slowing towards the 2% target and also acknowledged the likelihood of a “bumpy” path ahead. On Wednesday, Federal Reserve Bank of Chicago President Austan Goolsbee also made a dovish remark, saying rate cuts could get underway even if inflation is slightly higher.
Shares of Uber Technologies gained more than 14% after the company announced a $7bn stock buyback plan.LYFT Inc. rose 35% after reporting better-than-expected guidance and quarterly results. The key US stock market indexes, Dow Jones Industrial Average (DJIA) and S&P 500 gained 0.40% and 0.96% respectively, while the Nasdaq composite rose 1.30% on Wednesday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Wednesday, as investors assessed corporate earnings and the economic data released during the day. The sentiments were positive in the morning deal, as the CPI Inflation data released in the UK showed that the rate remained steady at 4% in January. The final print of Eurozone GDP grew 0% and managed to avoid a technical recession in the last quarter of 2023. The GDP data came in line with the flash reading.
The pan-European Stoxx 600 index gained 0.46% with almost all major sectors ending in the green. Tech stock led gains while mining stocks closed in the red. The shares of Delivery Hero gained about 20% after the German food delivery company said its organic cash flow generation will exceed the sufficient amount to address its debt maturities.
The key European stock market indexes, CAC and DAX gained 0.68% and 0.38% respectively, while the UK’s FTSE was up by 0.74% on Wednesday.
Indian stock markets
Indian stock markets rebounded in the second half and ended with modest gains on Wednesday. The domestic markets opened lower following negative cues from the US markets, as hotter-than-expected US inflation fueled a heavy selloff overnight. Investors bet on beaten-down banking stocks that supported the markets to recover early losses.
The market breadth was quite strong with advance decline indicating a ratio of 3:1 at the close. FIIs were the net sellers, they offloaded shares worth Rs 3929.60 crore, while DIIs were the net buyers, they bought shares worth Rs 2897.98 crore on Wednesday.
Stock Market Today
The cues from the US and Asian markets are positive today. Gift Nifty closed 86 points higher on Wednesday and is currently trading edge lower at 21989 level. The indication from global markets and Gift Nifty are positive today. Indian stock market indexes are likely to open higher and will trade volatile.
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Editor’s Desk
