Trade Setup for Tuesday: Stock Market Today (26 March 2024)
Trade Setup for Tuesday, 26 March 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 mostly higher on Tuesday, despite the US stock market rally being paused on Monday after Fed official’s hawkish comments. Investors are waiting for the manufacturing output data from Singapore and trade data from Thailand later today. Japan’s Nikkei 225 gave up early gains and is trading flat, the country’s services producer price index remained steady in February.
Australia’s S&P ASX 200 index trimmed most of its early losses, trading flat to the negative. South Korea’s Kospi index is trading higher by 1.12% at its two-year high. Shanghai and Hang Seng are trading higher by 0.24% and 0.75% respectively. The Straits Times and Taiwan are trading in the positive territory at 7.10 am IST.
U.S. Stock Market Indexes Updates
On Monday, the US stock market indexes closed lower, as big tech stocks took a breather after Fed officials remarked on the interest rate cuts. Atlanta Federal Reserve Bank President Raphael Bostic said on Monday that he sees the need for just one interest rate cut this year, as the central bank should adopt a cautious approach due to a strong economy. Fed governor Lisa Cook, also gave her speech on the same tune on Monday.
Investors are now looking ahead to Fed Chair Powell’s favorite gauge of inflation data “Core PCE price index” reading on Friday. According to the CME FedWatch tool, the probability of 25 bps interest rate cuts in June is now 75%, up from 65%, as shown in the last week.
The tech giants Apple Inc., Meta Platforms, and Alphabet ended in the red after EU antitrust regulators launched investigations for potential breaches of the Digital Markets Act, with possibilities for significant penalties for the companies. Energy stocks closed higher due to a surge in crude oil prices, as Russia is likely to cut oil output.
The US major stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 closed lower by 0.41% and 0.31% respectively. The tech-heavy Nasdaq Composite index declined 0.27% on Monday.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Monday, as investors continued to digest the various central bank’s policy decisions in the last week, which pushed the Stoxx index to a record high. The pan-European Stoxx 600 index closed slightly higher by 0.05% on Monday, with oil & gas stocks gaining the most and media stocks falling.
In equity news, the UK’s Direct Line plunged more than 11% after Belgian-based insurer Ageas confirmed that it would not make a further offer after it rejected two previous proposals. Shares of SBB gained more than 10% after the Swedish real estate group announced a debt buyback at a 60% discount.
The key European stock market index, DAX closed higher by 0.34%, while CAC closed almost flat. The UK’s FTSE ended slightly lower by 0.17% on Monday.
Indian stock markets
Indian stock market indexes closed higher on Friday, extending their winning streak for the third straight session. The domestic markets opened lower tracking losses from Asian markets, rebounded from the day’s low, and ended with decent gains. Investors booked some profit in the last hour on Friday ahead of the long weekend.
Indian stock markets were closed on Monday, 25th March because of the Holi Celebration. The market breadth was quite strong with the advance decline indicating a ratio of 5:2 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 3309.79 crore while DIIs bought shares 3764.87 crores on Friday.
Stock Market Today
The cues from the US markets are negative, while Asian markets are trading mostly higher. On Monday, Gift Nifty closed 11 points higher and currently trading 33 points up at 22126 levels. While the indications from the global markets are mixed, the Gift Nifty is showing positivity. Indian Stock Markets are likely to open on a flat note and will trade volatile today.
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