Trade Setup for Thursday: Stock Market Today (22 February 2024)

 

Trade Setup for Thursday, 22 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 mostly higher on Thursday, following the mixed cues from Wall Street overnight. Japan’s Nikkei 225 hits a record high and is up by 1.49% due to solid corporate earnings and weaker yen. Investors assessed Japan’s Jibun Bank flash purchasing managers’ index reading for February that showed business activity contracted yet again.

Australia’s S&P ASX 200 erased early losses and is trading flat, as the Judo Bank Composite PMI data shows a return to growth. South Korea’s Kospi is trading higher by 0.30% as investors are waiting for the Bank of Korea’s interest rate decision. Hang Seng and Shanghai indexes are trading higher by 0.17% and 0.64% respectively. The Straits Times is trading negatively while Taiwan is in the positive territory at 7.15 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed mixed on Wednesday. The Dow Jones and S&P 500 indexes closed higher by 0.13% each, as investors shrugged off the concern about the Fed’s minutes of the January meeting which revealed that policymakers are in no hurry to cut interest rates soon and bets on beaten-down stocks. The Nasdaq closed lower by 0.32% as Nvidia fell more than 2% and dragged other tech-related stocks 

However, Nvidia gained 6% in after-hours trading, as the US chip-maker reported better-than-expected guidance and fiscal fourth-quarter results after the closing bell. The shares of Palo Alto Networks declined 28% after reporting quarterly earnings due to cutting its full-year guidance. 

The shares of Teladoc, SolarEdge Technologies, and WingStop also fell sharply after announcing the quarterly earnings. Meanwhile, energy stocks were in demand due to elevated tension in the Middle East that threatened the supply disruption.

 

European Stock Market Indexes Updates

 

European stock market indexes were closed mixed on Wednesday, as investors assessed more quarterly earnings and remained cautious ahead of FOMC minutes. The market sentiments were slightly downbeat following losses in US markets. The pan-European Stoxx 600 index closed slightly lower by 0.17% with most sectors closed in the negative territory, banking closed lower by auto stocks ended higher on Wednesday.

HSBC’s share declined over 8% after reporting an 80% drop in pre-tax profits in the fourth quarter of 2023. Meanwhile, shares of Swiss mining company Glencore slipped around 1% after the company reported a sharp decline in annual profits and lowered its dividend.

The key European stock market indexes, CAC and DAX closed higher by 0.22% and 0.29% respectively, while the UK’s FTSE was down by 0.74% on Wednesday.

 

Indian stock markets

 

Indian stock markets snapped a six-day winning streak and closed shapely lower on Wednesday. The domestic markets opened higher in the previous session despite negative global cues and fell sharply in the second half on the back of selling in the Media, IT, and Energy sectors. 

The market breadth was negative with the advance decline indicating a ratio of 1:2 at the close. Foreign investors turned net buyers in the Indian equity cash segments, they bought shares worth Rs 284.66 crore while DIIs were net sellers and offloaded shares worth Rs 411.57 crore.

 

Stock Market Today

 

The cues from US markets are mixed while Asian markets are trading positively. Gift Nifty closed 33 points higher on Wednesday, and currently trading higher by 36 points at 22141. The indication from Gift Nifty is positive, Indian stock market indexes are likely to open higher and trade positively.

 

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Editor’s Desk