Good day, traders!
Welcome to the first weekly market report of the year 2024, 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).
The DXY opened for the week at 104.275 and there was no high-impact news release on Monday, however, there was enough fodder news for price to make some move on till where it peaked the high of the week at 104.412.
Though there was no news event at the beginning of the week on Monday, Tuesday through Thursday was filled with news events that affected the market movement for the rest of the week. These news events included CAD CPI, FOMC meeting minutes, Flash Services PMI and Unemployment claims.
This week's Price movement was more unidirectional as the DXY reacted significantly to the major news released on Tuesday and Thursday.
The CPI news released on Tuesday resulted in a massive 50 pips bearish move. However, price started its reverse on Thursday due to the unemployment claim and flash service PMI news release.
Price then closed for the week at 103.961
Overall, this week also showed a bearish movement in contrast to the previous week's bullish move.
The price action of the DOW this week was bi-directional but ended up being bullish and closed at 39113.26.
Top three gainers this week: Amgen Inc (+1.403%), Johnson & Johnson (+0.866%), and International Business Machine Corp (+0.82%).
Three Biggest losses this week: Apple Inc(-1.003%), Travelers Companies Inc (-0.603%), and Chevron Corp (-0.495%).
The NASDAQ was bullish overall, in direct contrast to last week’s bearish move and closed at 17659.33.
Top three Gainers this week: Palo Alto Networks Inc (+5.328%), Zscaler Inc (+4.015%), and Copart Inc (+3.987%).
Three Biggest losses for the week: MercadoLibre Inc (-10.378%), Booking Holdings Inc. (-10.149%), and Warner Bros Discovery Inc (-9.937%).
In conclusion, the market for this week witnessed diverse movements across the DXY, the DOW and the NASDAQ.
The DXY experienced a decline, reacting notably to mid-week news releases, and closing bearishly.
Conversely, the Dow Jones surged to a new all-time high, driven by positive news sentiment, marking a bullish trend. Similarly, the Nasdaq rebounded significantly, achieving new highs amidst volatile trading sessions.