Trade Setup for Thursday, 5 Oct 2023: Stock Market Today

 

Trade Setup for Thursday

 

Trade setup for Thursday, 5 Oct 2023– Good morning, and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock market indexes are trading higher on Thursday, as US Treasury yields eased from a 16-year high due to weaker-than-expected private job data. Japan’s Nikkei is trading higher by 0.85 percent while Australia’s S&P/ASX 200 is up by 0.21 percent.

China’s Shanghai market is closed today due to a weeklong holiday. South Korea’s Kospi is trading higher by 0.49 percent after a sharp fall in the previous session, while Hang Seng is trading slightly higher by 0.28 percent.  Elsewhere, Straits Times and Taiwan indexes are also trading in the green territory at 7.10 a.m. IST.

Gift Nifty is trading higher by 7 points or 0.04 percent at 19490 levels. Asian market cues are positive today and the Indian stock market indexes are likely to open in the green and trade volatile.

 

U.S. Stock Market Indexes Update

 

The US stock market indexes closed higher on Wednesday, snapping a three-day losing streak, as the latest data showed private job growth slowed to a 32-month low. The weaker-than-expected ADP job data shows signs of economic weakness, and this cheered investors in the hope that the Fed will be less hawkish. 

The 10-year Treasury yields that spiked to 7.804% at a 16-year high after strong job opening data on Tuesday slipped to 4.736% after the private payrolls figures on Wednesday. The ISM nonmanufacturing index came in at 53.6 for September, a tick below the estimate of 53.7, the index was reported at 54.5 in the previous month.

The growth stocks including tech stocks like Google, Microsoft, Apple, and Intel gained due to ease of Treasury yields. The key US stock market indexes Dow Jones and S&P 500 gained 0.39 percent and 0.81 percent respectively, while Nasdaq was up by 1.35 percent on Wednesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Wednesday, as US Treasury yields slightly dipped from multiyear highs. On the economic front, the service sector purchasing managers indices (PMI) data showed improvement across the eurozone in September. 

The service PMI readings of both Spain and Germany returned to positive territory above the 50- mark, while the service PMI readings of France and Italy remained below the 50 mark

The pan-European Stoxx 600 index closed slightly lower by 0.14 percent with oil and gas declining the most while IT stocks ended higher. The key European stock market index, CAC closed flat while DAX ended slightly higher by 0.10 percent. The UK’s FTSE was down by 0.78 percent.

 

Indian Stock Market Indexes

 

Indian stock markets ended the volatile session for the second straight session on Wednesday. The domestic market sentiments were hit due to weak global cues, as US Treasury yields rose to a 16-year high on Tuesday’s trading session after a strong job opening. 

The market breadth was quite negative with the advance decline indicating a ratio of 1:3 at the close. FIIs were the net sellers, they offloaded shares worth Rs 4424.02 crore while DIIs bought shares of 1769.49 crore.

 

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Happy Investing!!

Editor’s Desk