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

Good day, traders!

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

DXY

• Overall Percentage Loss of the week: -0.92%
• Total Pip loss of the week: about 92 pips were lost this week.
• Fluctuations of price during the week: The price range for this week on DXY was between the high of 106.794 and the low of 104.825.

This week was the first trading week of the month of July which means it was the NFP-Non-farm Employment change- week.

At the beginning of the week, the DXY indicated an indecisive move. However, price began to plummet aggressively from Tuesday due to the news events such as the Fed Chair Powell Speaking, JOLTS Job Openings. Price continued to plummet throughout the week resulting in an overall loss of 0.92%. Other news releases that injected volatility in the market include; Unemployment claims, ISM Services PMI, FOMC minutes meeting, average hourly earnings m/m, Non-Farm Employment change, unemployment rate among others.

Price movement this week was a unidirectional move. The DXY began its bearish move for the week at 105.849 and made the high of the week on Monday  at 106.794. Friday had the low of the week at 104.825 and then closed at 104.875.

Overall, this week also showed a bearish movement.

Dow Jones (US30)

• Overall Percentage Gain of the week: +0.40%
• Total Points gained this week: about 155 points were gained
• Fluctuations of price during the week: With an opening price of the week on Monday at 39,214.45, the DOW began with an indecisive bearish move which reversed on Tuesday forming the low of the week on Tuesday at 39,042.18. The DOW then began its bullish course from Tuesday through Thursday. However, Friday saw a bearish move close on the DOW closing at 39,370.06

The price action of the DOW this week was bidirectional as it showed both bullish bearish moves this week. Overall, it closed bullish.

Top three gainers this week: Walmart Inc (+2.638%), Intel Corp (+2.53%), and Apple Inc (+2.162%).

Three Biggest losses this week: Chevron Corp (-1.532%), JPMorgan Chase & Co (-1.325%), and Dow Inc (-1.229%).

Nasdaq (NAS100)

• Overall Percentage gain of the week: +3.27%
• Total Points gained this week: a massive 645 points were gained this week in total.
• Fluctuations of price during the week: With an opening price at 19,719.18 on Monday, the Nasdaq began with a considerably impulsive bullish move which was sustained throughout the week. Price made the high of the week on Friday at 20,408.18.

The NASDAQ also created another all-time high at 20,408.18. Overall, the NASDAQ experienced and unidirectional impulsive bullish move this week.

Top three Gainers this week: Arm Holdings PLC (+7.697%), Meta Platforms Inc (+5.873%), and Advanced Micro Devices Inc (+4.881%).

Three Biggest losses for the week: Micron Technology Inc (-3.815%), NVIDIA Corp (-1.91%), and Grail Inc (-1.872%).

In summary, the first trading week of July saw mixed performances across key indices. The DXY experienced a significant downturn, closing the week with a 0.92% loss amid impactful economic news, including Fed Chair Powell’s speech and the Non-Farm Employment change. 

Conversely, the Dow Jones exhibited a modest gain of 0.40%, driven by strong performances from Walmart and Apple, despite Friday's bearish close. 

The Nasdaq stood out with a remarkable 3.27% gain, reaching an all-time high, bolstered by significant gains from Arm Holdings and Meta Platforms. 

Overall, the markets displayed varied responses to economic data and corporate performances, setting the tone for a dynamic July.