6 things that changed for the stock market overnight - Gift Nifty, US weekly jobless claims to Apple Q4 results | Mint
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Business News/ Markets / Stock Markets/  6 things that changed for the stock market overnight - Gift Nifty, US weekly jobless claims to Apple Q4 results
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6 things that changed for the stock market overnight - Gift Nifty, US weekly jobless claims to Apple Q4 results

Asian markets traded higher, while the US stocks rallied overnight amid rising hopes that the US Federal Reserve is done with interest rate hike cycle. Upbeat corporate earnings also boosted sentiment.

Asian markets traded higher on Friday following overnight rally on Wall Street and ahead of the release of key economic data in the region. (Image: AP)Premium
Asian markets traded higher on Friday following overnight rally on Wall Street and ahead of the release of key economic data in the region. (Image: AP)

The Indian stock market indices, Nifty 50 and Sensex today are expected to open higher following gains in global peers.

Asian markets traded higher, while the US stocks rallied overnight amid rising hopes that the US Federal Reserve is done with interest rate hike cycle. Upbeat corporate earnings also boosted sentiment.

The domestic equity indices rallied on Thursday amid positive global cues after the US Fed maintained a pause on interest rates.

The 30-share BSE Sensex ended 489.57 points, or 0.77%, higher at 64,080.90, while the broader NSE Nifty 50 rallied 144.10 points, or 0.76%, to close at 19,133.25.

“Apart from positive global cues, healthy Q2FY24 earnings and rise in GST collection boosted the sentiments. With the key event now behind, we now expect the market to consolidate with a positive bias along with stock specific action," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Day trading guide for today: Four buy or sell stocks for Friday—November 3

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Friday following overnight rally on Wall Street and ahead of the release of key economic data in the region.

Japanese markets are closed for a public holiday. South Korea’s Kospi gained 0.78%, while the Kosdaq rose 0.14%.

Hong Kong’s Hang Seng index futures stood higher at 17,455, compared with the HSI’s close of 17,230.59.

Australia’s S&P/ASX 200 gained around 0.9%.

Gift Nifty was trading around 19,354 level as against Nifty futures’ previous close of 19,249, indicating a positive start for the Indian indices.

Wall Street

US stock market indices rallied nearly 2% on Thursday amid a batch of upbeat quarterly financial results and hopes that the US Federal Reserve has reached the end of its interest rate hiking campaign.

The Dow Jones Industrial Average jumped 564.5 points, or 1.7%, to 33,839.08, while the S&P 500 rallied 79.92 points, or 1.89%, to 4,317.78. The Nasdaq Composite ended 232.72 points, or 1.78%, higher at 13,294.19.

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Among stocks, Starbucks shares rallied 9.5%, Qualcomm shares climbed 5.8%, while PayPal shares rallied 6.6%.

Apple share price dropped 3.4% after-hours on below expectations sales forecast for the holiday quarter. Apple’s quarterly sales and profit beat Wall Street estimates.

Bank of England keeps rates at 15-year high

The Bank of England held interest rates at a 15-year peak and ruled out cuts any time soon. The Monetary Policy Committee (MPC) voted 6-3 to keep the Bank Rate at 5.25%.

“The MPC's latest projections indicate that monetary policy is likely to need to be restrictive for an extended period of time," the British central bank said.

Apple results

Apple’s quarterly sales and profit beat Wall Street expectations, with iPhone sales up 2.8%. Apple said its sales for the fiscal fourth quarter ended September 30 fell roughly 1% to $89.50 billion, beating analyst estimates of $89.28 billion. Net income rose about 11%. Profit per share of $1.46 beat analyst expectations of $1.39 per share, according to LSEG.

iPhone sales were $43.81 billion in Q4, in line with analyst expectations of $43.81 billion, according to LSEG data. Sales in Apple’s wearables segment, which includes the Apple Watch and AirPods, fell 3% to $9.32 billion. Mac sales slumped by a third to $7.61 billion and iPad sales declined 10% to $6.44 billion, Reuters reported.

Read here: Apple sales fall for fourth straight quarter despite strong start for latest iPhones

Apple gave a sales forecast for the holiday quarter that missed Wall Street expectations. Apple shares, which have risen 37% so far this year, dropped 3.4% after-hours, following the forecast.

Chief Financial Officer Luca Maestri told analysts on a conference call that sales for the current quarter will be similar to the previous year. Wall Street had expected a forecast for a rise in sales of 4.97% to $122.98 billion, Reuters reported.

US weekly jobless claims rise moderately

The number of Americans filing new claims for unemployment benefits increased moderately last week as the labor market continues to show few signs of a significant slowdown.

Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 217,000 for the week ended October 28, the Labor Department said on Thursday. Economists polled by Reuters had forecast 210,000 claims for the latest week.

Also Read: Buy or sell: Vaishali Parekh recommends buying these 3 stocks today - November 3

US dollar eases

The dollar eased on Friday and was on course for a weekly decline against a basket of currencies as traders wagered that the US Fed was most likely done with rate increases, lifting risk sentiment.

The dollar index, which measures the US currency against six rivals, was at 106.22, not far from the one-week low of 105.80 it hit on Thursday. The index is on course to clock a 0.3% drop for the week, just its third week of losses since July.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 03 Nov 2023, 07:18 AM IST
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