Weekly Market Report: Monday, January 1st, 2024, to Friday, January 5th, 2024.

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).

DXY

• Overall Percentage Gain of the week: +1.04%
• Total Pip-Gain of the week: About 105.6 pips were gained this week.
• Fluctuations of price during the week: The price range for this week on DXY was between the low of 101.340 and the high of 103.101.

In celebration of the new year, banks went on holidays which affected the market. There was no activity on Monday as the majority of the banks went on holiday.

Though there was no news event at the beginning of the week, Wednesday through Friday was filled with news events that affected the market at the latter part of the week. These news events include FOMC meetings, Unemployment claims, Unemployment rate, and Non-Farm Payroll among others.

Price movement this week was more like a unidirectional movement as the DXY began its uptrend from the opening price of 101.379. Friday had the high of the week at 103.101 and then closed at 102.435. There was no price movement on Monday due to the Bank Holidays.

This week also showed a bullish movement in contrast to the previous week's bearish move.

Dow Jones (US30)

• Overall Percentage loss of the week: -0.65%
• Total Points lost this week: about 243.37 points were lost
• Fluctuations of price during the week: With an opening price and high of the week on Tuesday at 37710.97 and 37871.59 respectively, the Dow correctively moved downwards till it peaked at the week's low on Friday at 37269.52. The DOW then closed for the week at 37467.57.

The price action of the DOW this week was unidirectional as it showed a bearish move this week. This significant bearish close of the week on the DOW was the first of its kind in nine weeks!

Top three gainers this week: Walgreens Boots Alliance (+3.092%), Verizon Communications Inc (+2.108%), and Boeing Co (+1.658%).

Three Biggest losses this week: United Health Group Inc(-1.474%), International Business Machine Corp (-1.057%), and McDonald's Corp (-0.943%).

Nasdaq (NAS100)

• Overall Percentage loss of the week: -3.10%
• Total Points lost this week: a massive 521.33 points were lost this week in total.
• Fluctuations of price during the week: With an opening price at 16828.08 on Tuesday, the Nasdaq also began with a steep bearish move throughout this week till Friday and the NASDAQ closed at 16306.75.

The NASDAQ also experienced its first weekly bearish close for the first time in the past nine weeks!

Top three Gainers this week: Marvell Technology Inc (+3.186%), Walgreens Boots Alliance Inc (+3.092%), and PayPal Holding Inc (+2.857%).

Three Biggest losses for the week: Verisk Analytics Inc (-1.786%), PepsiCo Inc (-1.476%), and Old Dominion Freight Line Inc (-1.41%).

Overall, the first trading week of 2024 witnessed some shifts across these key markets. 

The U.S. Dollar Index (DXY) recorded a notable gain of +1.04%, with a unidirectional bullish trend. Dow Jones (US30) experienced a rare bearish close, losing -0.65%, marking the first such occurrence in nine weeks. Meanwhile, the Nasdaq (NAS100) faced substantial headwinds, posting a significant loss of -3.10%, ending its nine-week streak of positive closes. 

Market movements were influenced by a mix of celebratory bank holidays and impactful news events.