Weekly Market Report: Monday, July 29th, 2024, to Friday, August 2nd, 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: -1.06%
• Total pips loss of the week: Overall, about one hundred and eight (108) pips were lost this week.
• Fluctuations of price during the week: The price range for this week on DXY was between a high of 104.799 and a low of 103.110

This trading week marked the last trading week of July and transitioned into the first trading week of August and it is the popular Non-Farm Employment Change week.

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

The DXY price range was about 170 pips. This week's high-impact news releases included the German Prelim CPI m/m, CB Consumer Confidence, JOLTS Job opening, Core CPI Flash Estimate y/y, ADP Non-Farm Employment Change, Employment Cost Index q/q, ISM Manufacturing PMI, Unemployment Claim,  Non-Farm Employment Change, and Unemployment rate among others.

Price movement this week was bi-directional giving a bullish sentiment on Monday. However, on Tuesday, the price began its intended bearish move and made the high of the week at 104.799. The news releases from the midweek towards the end of the week saw the DXY move bearish and impulsively. Price then made a low for the week at 103.110 and then closed for the week at 103.220 on Friday.

Dow Jones (US30)

• Overall Percentage loss of the week: -2.54%
• Total Points lost this week: there was a massive 1,032 points lost this week.
• Fluctuations of price during the week: With an opening price of the week on Monday at 40,580.08, due to the absence of high-impact news, the DOW started with a rather indecisive candle on its direction for the week. Upon news release on Wednesday, the DOW began impulsive movement upwards to where it made the high of the week at 41,248.14 after which, the next two consecutive days Thursday and Friday, closed impulsively bearish due to the new release. Price made the low for the week at 39,355.38 and closed for the week at 39,629.28.

The price action of the DOW this week ended up bearish which was the first in the past five weeks.

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

Top three gainers this week: Unitedhealth Group Inc (+2.979%), McDonald’s Corp (+2.954%), and Procter & Gamble Co (+2.65%).

Three Biggest losses this week: Intel Corp (-26.059%), Amazon.com Inc (-8.785%), and American Express Co (-6.595%).

Nasdaq (NAS100)

• Overall Percentage loss of the week: -3.58%.
• Total Points lost this week: a massive six hundred and eighty-two (682) points were lost this week in total.
• Fluctuations of price during the week: With an opening price that gapped from last week's closing price, to open at 19,055.93 on Monday, the Nasdaq also began with an indecisive candle. However, upon injection of a news catalyst into the market, Tuesday saw an impulsive bearish close. Though Wednesday closed bullish, Thursday which made the high of the week at 19,574.12 closed bearish. Friday, which made the low of the week at 18.246.50 closed impulsively bearish for the week at 18,373.60

This week, in the end, showed a bearish move in continuation of the past three weeks' bearish close.

Also, Friday’s close saw a very dramatic event as about $2.9 Trillion was erased from the global financial markets and this was due to the fears of investors of a global recession. The over 3% plunge seen in the NASDAQ was a result of the U.S. job data that came out weaker than expected as this revealed an increase in the rate of unemployment to 4.3% which was the highest since October 2021.

It was recorded as the worst day in the global markets since the 2020 crash.

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

Top three Gainers this week: MercadoLibre Inc (+10.59%), DoorDash Inc (+8.346%), and Mondelez International Inc (+3.47%).

Three Biggest losses for the week: Intel Corp (-26.059%), Atlassian Corp (-17.063%), and Microchip Technology Inc (-10.596%).

Summarily, the trading week of July 29th to August 2nd, 2024, witnessed significant volatility across major indices and the DXY, driven by high-impact news releases. The DXY saw a -1.06% loss, driven by bi-directional movements and ending at 103.220. 

The Dow Jones and Nasdaq experienced substantial declines of -2.54% and -3.58%, respectively, marking their worst performances in several weeks. 

Notable events included a significant bearish close for the DOW, the largest in five weeks, and a dramatic $2.9 trillion loss in global financial markets, primarily due to recession fears and disappointing U.S. job data.