Trade Setup for Tuesday: Stock Market Today (9 Jan 2024)
Trade Setup for Tuesday, 9 Jan 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock market indexes are trading higher on Tuesday, tracking gains from US markets and as investors assessed the key economic data released in the region. Japan resumed trading after an extended weekend, Nikkei 225 is trading higher by 1.44% as Tokyo’s inflation rate slowed in December.
Australia’s S&P ASX 200 index bounced back, up by 1.07% after a selloff in the previous session as the country’s retail sales rose more than expected in November. South Korea’s Kospi trimmed some early gains but is trading higher by 0.31%, as the country’s heavyweight Samsung cut the earning forecast for the fourth quarter.
Shanghai is trading on a flat note, looking for a direction after a sharp selloff in the previous session, meanwhile, Hang Seng is trading higher by 0.74%. The Straits Times and Taiwan are trading in the positive territory at 7.15 a.m. IST.
U.S. Stock Market Indexes Updates
US stock market indexes closed higher on Monday, propelled by a decline in Treasury yields that boosted the rally in tech stocks. Meanwhile, crude oil prices were under pressure due to a price cut by Saudi Arabia, which overshadowed the Red Sea tension. The market sentiments remain positive due to the optimism of early interest rate cuts ahead of Thursday’s inflation reading.
Boeing’s share was down more than 8% due to the temporary grounding of dozens of Boeing 737 Max 9 aircraft for inspections after a section of an Alaska Airlines flight blew out. The 10-year Treasury yield closed at 4.030% after hitting a day’s low at 3.965%, the previous closing was 4.046% on Friday.
The US stock market indexes, Dow Jones and S&P 500 gained 0.58% and 1.41% respectively, while the tech-heavy Nasdaq closed higher by 2.20% on Monday.
European Stock Market Indexes Updates
European stock market indexes erased intraday losses and closed higher on Monday. The pan-European Stoxx 600 index gained 0.34% as Technology and Retail shares gained, while oil & gas stocks declined, as Saudi Arabia cut the export price to customers in Asia.
On the economics front, according to Eurostat, eurozone retail sales fell 0.3% in November, and 1.1% annually. In Germany, the trade balance jumped in November due to a rise in monthly exports, which came above expectations.
The key European stock market indexes CAC and DAX closed higher by 0.40% and 0.73% respectively, while the UK’s FTSE gained 0.06% on Monday.
Indian stock markets
Indian stock markets snapped a two-day gaining streak and closed lower on Monday. The local markets opened higher but immediately turned negative and closed near the day’s low. The broader markets also closed in the red almost in line with their larger peers.
The market breadth was negative with the advance-decline indicating a ratio of 2:3 at the close. FIIs and DIIs both were net buyers in the Indian equity cash segments, FIIs bought shares worth Rs 155.96 crore while DIIs purchased shares worth Rs 16.03 crore on Monday.
Stock Market Today
The cues from the US and Asian markets are positive. Gift Nifty ended 126.5 points higher on Monday and currently trading flat at 21698 levels. The indication from the global markets and Gift Nifty is strong today. Indian stock market indexes are likely to open a gap-up today and trade positive.
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