Weekly Market Report: Monday, August 5th, 2024, to Friday, August 9th, 2024.

Good day, traders!

Welcome to this week's edition of our weekly market review, where we share with you some important data and highlight major market events that occurred during the trading week as they relate to DXY, Dow Jones (US30), and the Nasdaq (NAS100).

DXY

• Overall Percentage loss of the week: -0.06%
• Total pips loss of the week: Overall, only about seven (7) pips were lost this week.
• Fluctuations of price during the week: The price range for this week on DXY was between a high of 103.546 and a low of 102.160

This trading week marked the first full trading week of August.

This week was fairly packed with high-impact news releases that affected the DXY and indices. 

The DXY price range was about 140 pips. This week's high-impact news releases included the ISM Services PMI which was released on Monday and led to a 0.53% loss it was one of the two significant news events released as it affected the DXY. The other was the Unemployment Claims released on Thursday.

Price movement this week was bi-directional giving a bearish sentiment on Monday. However, on Tuesday, the price began its intended bullish move for the week and made the low of the week at 102.160. This bullish momentum was sustained till Thursday when price made the high of the week at 103.546.

Dow Jones (US30)

• Overall Percentage loss of the week: -0.38%
• Total Points lost this week: only about one hundred and fifty-one (151)  points were lost this week.
• Fluctuations of price during the week: With an opening price of the week on Monday at 39,629.38, due to the release of high-impact news on Monday, the DOW started with a rather impulsive bearish candle which was cut short on Tuesday as both Tuesday and Wednesday traded between the price range of Monday’s move. Upon news release on Thursday, the DOW showed an impulsive bullish move leading to a 2.19% increase from Wednesday’s closing price of 38,658.54. Friday made the high of the week at 39,640.34 and closed at 39,47.60 for the week.

The price action of the DOW this week ended up bearish in continuation of last week's bearish move.

According to CNBC, below were the top three (3) gainers and losers on the DOW this week.

Top three gainers this week: American Express Co (+1.846%), Apple Inc (+1.374%), and JPMorgan Chase & Co (+1.369%).

Three Biggest losses this week: Intel Corp (-3.807%), Unitedhealth Group Inc (-1.321%), and McDonald’s Corp (-1.21%).

Nasdaq (NAS100)

• Overall Percentage gain of the week: +1.48%.
• Total Points gained this week: about a moderate two hundred and seventy (270) points were gained this week overall.
• Fluctuations of price during the week: With an opening price that gapped from last week's closing price, to open at 18,207.23 on Monday, the Nasdaq also began with an impulsive bearish candle which lasted till Wednesday. However, upon the release of the NASDAQ experienced an impulsive bullish momentum which extended till Friday to close for the week at 18,476.96.

This week, in the end, showed a bullish close which was the first in Four weeks.

Also, Monday’s opening for the NASDAQ was recorded as the worst open since 2020 which marked a huge moment in recent financial history.

According to CNBC, below were the top three (3) gainers and losers on the NASDAQ this week.

Top three Gainers this week: Trade Desk Inc (+12.496%), Palo Alto Networks Inc (+4.446%), and Monster Beverage Corp (+2.344%).

Three Biggest losses for the week: Grail Inc (-7.393%), Intel Corp (-3.807%), and Gilead Sciences Inc (-2.553%).

Overall, the DXY experienced a slight decline, primarily driven by high-impact news releases such as the ISM Services PMI and Unemployment Claims, resulting in a modest loss of 0.06%. 

The Dow Jones also saw a decline of 0.38%, continuing its bearish trend, while the 

Nasdaq bucked the trend with a 1.48% gain, marking its first positive close in four weeks. Despite some volatility, particularly with Monday's challenging open, the week ended on a more positive note for the Nasdaq, highlighting the market's dynamic nature.