Stock Market Today: How the Markets are Moving
Sensex, Nifty 50 at Record High; Bank Nifty Crosses 52,900 for the First Time
European and Asia Pacific Markets
Indian Markets Hit New Highs
Amidst profit-taking, India's domestic benchmark indices, Sensex and Nifty 50, reached fresh highs during Wednesday's choppy trading session. The Nifty 50 touched a record high, crossing the earlier level of 23,754.2, while the Sensex rose 134.64 points to hit a new all-time high of 78,188.16 in early trade. Additionally, the Nifty Bank index achieved a record high, surpassing the previous level of 52,746.5.
Rajesh Bhosale, an Equity Technical and Derivative Analyst at Angel One, commented on the strong performance: “The Merry Run continues as key indices mark a fresh new high. Technically, any small dip is getting bought into reflecting the strong uptrend. Continue with the approach of buying on dip going ahead.”
US Market Performance and Economic Data
Stock indices in the US showed mixed performance so far today. The Census Bureau released its New Home Sales data for May, which came in at 619,000, below the forecast of 636,000 and last month’s report of 698,000.
House prices saw varied results. The median sales price was $417,400 in May, slightly down from $417,900 in April. However, the average sales price increased to $520,000 from $503,700 the prior month, due to fewer lower-priced homes being sold.
Additionally, U.S. Building Permits exceeded expectations with a print of 1.399 million compared to the forecast of 1.386 million, though this represented a 2.8% month-over-month decrease from the prior month’s report of 1.44 million.
Futures and Market Movement
U.S. futures inched higher on Wednesday morning after a rally in technology stocks helped major Wall Street indices, S&P 500 (SPX) and Nasdaq Composite, to break a three-day losing streak. Futures on the Nasdaq 100 (NDX), S&P 500, and Dow Jones Industrial Average (DJIA) were up by about 0.32%, 0.17%, and 0.02%, respectively, at 3:45 a.m. EST, June 26.
Boosted by a rebound in tech stocks, especially Nvidia (NVDA), the S&P 500 and Nasdaq Composite indices gained 0.39% and 1.26%, respectively, though the Dow Jones fell 0.76% in Tuesday’s regular trading session.
After-Hours Action
In significant after-hours trading, Rivian (RIVN) stock surged nearly 50% following Volkswagen’s announcement of a $5 billion investment plan in Rivian. Additionally, FedEx (FDX) saw a 14% increase due to its better-than-expected Q4 results.
Upcoming Earnings
Key earnings releases today include General Mills (GIS), Paychex (PAYX), Micron Technology (MU), Levi Strauss (LEVI), and H.B. Fuller (FUL).
Other Market Indicators
The U.S. 10-year treasury yield was down at the time of writing, floating near 4.27%. Meanwhile, WTI crude oil futures trended higher, hovering near $81.27 per barrel as of the last check.
European and Asia Pacific Markets
European stocks opened higher today as investors awaited the release of the European Consumer Confidence data for June.
In the Asia-Pacific region, markets traded in the green, buoyed by gains in technology and artificial intelligence-related stocks. Hong Kong’s Hang Seng index was up by 0.06%, Japan’s Nikkei and Topix indices rose by 1.26% and 0.56%, respectively, and China’s Shenzhen Component and Shanghai Composite indices increased by 0.76% and 1.55%, respectively.