Trade Setup for Tuesday: Stock Market Today (27 February 2024)
Trade Setup for Tuesday, 27 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 market indexes are trading mixed with little changes on Tuesday, as investors are looking for fresh economic data later this week. Japan’s Nikkei is trading slightly higher by 0.25%, while Australia’s S&P ASX 200 index is marginally down by 0.16%
South Korea’s Kospi index is also trading slightly lower by 0.09%. The Shanghai index is up by 0.17%, while the Hang Seng index is down by 0.21%. The Straits Times is trading lower by 0.53%, while the Taiwan index is up by 0.24% at 7.25 am IST.
U.S. Stock Market Indexes Updates
The US stock market indexes closed lower on Monday as investors assessed quarterly earnings and awaited inflation and GDP data later during the week. Domino’s Pizza and Freshpet Inc. jumped, while Berkshire Hathaway shares fell after the quarterly results announcement.
The hope of early interest rate cuts just faded away after CPI and PPI inflation data and as Fed officials commented last week that policymakers are in no hurry to trim rates. Investors are now looking for the Fed’s preferred gauge of inflation PCE price index for more confirmation about the timings of the rate cuts. The PCE price index will be released on Friday.
The key US stock market indexes, Dow Jones and S&P 500 index declined 0.16% and 0.38% respectively, while the tech-heavy Nasdaq composite index was down 0.13% on Monday.
European Stock Market Indexes Updates
European stock market indexes closed mostly lower on Monday, as the UK housebuilder’s stocks were down after the news of a probe from the Competition and Markets Authority. Meanwhile, Zealand Pharma jumped 35% after reporting strong trial results from fatty liver treatment.
Investors also remained cautious ahead of the inflation data out this week from the US, Japan, and Europe for more clues on interest rate moves. The pan-European Stoxx 600 index ended lower by 0.35%, after closing at a record high in the previous week. Sectors were mostly closed in the red, with mining falling the most followed by utilities.
The key European stock market index, CAC closed lower by 0.46%, while DAX ended edged higher by 0.02%. The UK’s FTSE was down by 0.29% at the close on Monday.
Indian stock markets
Indian stock markets closed lower for the second consecutive session on Monday. The domestic markets opened lower following mixed global cues and extended losses. Indian markets tried to recover in the second half but sustained selling from IT, Realty, and Banking dragged down the markets. Sensex and Nifty closed almost half a percent lower after closing flat to the negative in the previous session.
The market breadth was negative with an advance decline indicating a 2:3 ratio at the close. FIIs and DIIs both were net sellers in the Indian equity cash segments on Monday. FIIs offloaded shares worth Rs 285.15 crore while DIIs sold shares worth Rs 5.33 crore on Monday.
Stock Market Today
The cues from the US and Asian markets are slightly negative. Gift Nifty closed 92 points higher on Monday and currently trading 32 points down at 22146. The indication from Gift Nifty is slightly positive, Indian stock market indexes are likely to open in the green and will trade volatile.
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