Trade Setup for Tuesday: Stock Market Today (16 April 2024)
Trade Setup for Tuesday, 16 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 extended their previous session sell-off on Tuesday amid ongoing tension between Israel and Iran. Investors are cautious and looking for first-quarter GDP data, retail sales, industrial production, and unemployment rate data from China, later in the day. Japan’s Nikkei 225 traded lower by 1.76%, as the yen crossed 154 against the US dollar and traded at its weakest level since 1990.
Australia’s S&P ASX 200 index is down 1.29%. South Korea’s Kospi index is also trading lower, by 1.86%. Shanghai and Hang Seng are trading lower by 0.35% and 1.50% respectively. The Strait Times and Taiwan are trading in the negative territory at 7.05 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes pared all early gains and ended with significant losses on Monday. The stronger-than-expected retail sales data pushed Treasury yields higher and dented investor’s hope of early rate cuts and overshadowed the upbeat quarterly earnings of Goldman Sachs.
The latest data showed that the retail sales increased by 0.7% in March, while the expectation was 0.3%. This indicates consumption remains higher despite inflationary pressure. The 10-year Treasury note jumped to 4.608% from its previous close of 4.532% after the retail sales report.
On the earnings front, Goldman Sachs gained around 3% after the company reported upbeat top and bottom lines in the first quarter. The key US stock market indexes, Dow Jones Industrial Average (DJIA) and S&P 500 closed lower by 0.65% and 1.20% respectively, while the tech-heavy Nasdaq plunged 1.79% on Monday.
European Stock Market Indexes Updates
European stock market indexes pared some early gains and closed mixed on Monday. The key European stock market indexes CAC and DAX closed higher by 0.43% and 0.53% respectively, despite the geopolitical tension between Iran and Israel. Meanwhile, the UK’s FTSE closed lower, by 0.38%, as the mining and oil sectors declined.
On the economic front, the Eurostat data showed that the eurozone industrial output rebounded modestly in February, after falling in the previous month. Energy stocks were down as crude oil prices were traded lower on Monday. The pan-European Stoxx 600 index closed slightly higher by 0.13%.
Indian Stock Markets
Indian stock markets closed sharply lower for the second consecutive day on Monday. The market sentiments were dented due to geopolitical tension between Iran and Israel during the weekend. All sectoral indices ended in the red, while broader markets underperformed the equity benchmarks.
Market breadth was quite weak, the advance decline indicating a ratio of 1:3 at the close.FIIs were the net seller in the equity cash segments, they offloaded shares worth Rs 3268 crore, while DIIs have acquired shares worth Rs 4763.92 crore.
Stock Market Today
The global cues are negative today. On Monday, Gift Nifty provisionally ended lower by 102 points and settled at 22250 levels. Gift Nifty is trading lower by 66 points on Tuesday at 22183 levels. The indications from global markets and Gift Nifty are negative today. Indian stock market indexes will likely open a gap-down and trade with negative sentiments.
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