Trade Setup for Thursday: Stock Market Today (18 April 2024)
Trade Setup for Thursday, 18 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 mixed on Thursday following losses from Wall Street overnight. Investors are waiting for Australia’s unemployment rate which is due later in the day. Japan’s Nikkei 225 fell 0.46% trimming some early losses. Australia’s S&P ASX 200 is up by 0.40%, ahead of the unemployment reading.
South Korea’s Kospi index has reversed its previous session losses, up 1.52%. Shanghai and Hang Seng are trading marginally lower by 0.18% and 0.26% respectively. The Straits Times is in the green, while Taiwan is in the negative territory at 7.05 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed lower on Wednesday as Nvidia-led tech stocks fell sharply due to the uncertainty of the interest rate cuts. Nvidia fell more than 3% and added pressure on other tech stocks including Netflix, Apple, Microsoft, and Meta.
The market sentiments were hit after Fed Beige Books showed the US economy is steady but lacks progress in inflation reducing back to the Fed’s 2% target. Market participants expect rate cuts to start in September or the end of this year.
On the earnings front, United Airlines jumped 17% after the company reported narrower-than-expected losses and beat quarterly revenue. The JB Hunt Transport Services fell more than 8% after the transport company missed estimates of both top and bottom lines in the first quarter. Travelers shares declined more than 8% after the company announced a rise in losses due to severe wind and hail storms in the central and eastern regions of the United States.
The Dow Jones Industrial Average (DJIA) closed lower 45.66 points or 0.12% and settled at 37753.31. The S&P 500 index ended lower by 29.20 points or 0.58% and finished at 5022.21. The tech-heavy Nasdaq composite index fell 181.88 or 1.15% and closed at 15683.37.
European Stock Market Indexes Updates
European stock market indexes closed higher on Wednesday, despite negative cues from Wall Street and Middle East tension. Investors shrugged off the US Fed Chair’s speech on Tuesday which signaled a delay in interest rate cuts, as inflation is above the US central bank’s target. Investors are hoping that Israel will retaliate against Iran’s air attack but would be in a soft manner that would not escalate the matter much.
On the economic front, the headline inflation in the Eurozone slipped from 2.6% year-on-year for February to 2.4% in April, according to Eurostat. The sentiments were also positive as the Eurozone trade surplus surged in February.
The pan-European Stoxx 600 index gained 0.06%, with most sectors ending in the green. Household goods stocks jumped with tech stocks declining the most. The key European stock market indexes, CAC and DAX closed higher by 0.61% and 0.02% respectively, while the UK’s FTSE was up by 0.35% on Wednesday.
Indian stock markets
Indian stock markets were closed Wednesday on account of Ram Navami. On Tuesday, the stock market indexes closed lower for the third consecutive session. Investors remained sidelined and closely monitoring the development of Israel and Iran tension after Iran strikes with drones and missiles at Israel over the weekend. However, Indian markets trimmed some intraday losses in the last hour and ended with moderate losses on Tuesday.
The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net sellers in the Indian equity cash segments while DIIs were the net buyers. FIIs offloaded shares worth Rs 4468.09 crore while DIIs acquired shares worth Rs 2040.38 crore.
Stock Market Today
The global cues are mixed today. On Thursday, Gift Nifty is trading higher, by 35 points at 22147 levels. Indications from the global stock markets and Gift Nifty both are slightly negative. Indian stock market indexes will likely open in the red and trade volatile.
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