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Weekly Market Report: Monday, July 8th, 2024, to Friday, July 12th, 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: -0.75%
  • Total Pip loss of the week: overall, 79 pips was lost this week.
  • Fluctuations of price during the week: The price range for this week on DXY was between the high of 105.208 and the low of 104.041.

This week marked the second trading week of the month of July and it was packed with red folder news that propelled the bearish movement of the US. Dollar Index.

At the beginning of the week, the DXY experienced about twenty four pips up-climb in price movement from Monday through Tuesday. This price movement was majorly based on the Fed Chair Powell Testifies news releases due to the fact that there was no red folder news on these days. However, the red folder news releases on Wednesday through Friday reversed price action leading to about -1.0% decrease from Tuesday's closing price at 105.122. Among the news events that impacted the decline in the DXY from mid-week till the end of this week include Fed Chair Powell Testifies, Core CPI m/m, CPI m/m, CPI y/y, Unemployment claims, Core PPI m/m, PPI m/m, Prelim UoM Consumer Sentiment among others.

Price movement this week was a bi directional move. The DXY began an uptrend from the opening price at 104.875 and made the high of the week on Tuesday at 105.208. Friday had the low of the week at 104.041 and then closed at 104.084.

Overall, this week also showed a bearish movement in continuation of last week's bearish move.

Dow Jones (US30)

  • Overall Percentage Gain of the week: +1.75%
  • Total Points gained this week: a massive 690 points were gained
  • Fluctuations of price during the week: With an opening price of the week on Monday at 39,370.06, the DOW initially began with a bearish move that was short lived till Tuesday where the low of the week was made at 39,173.73. However, upon the release of news on Wednesday through Friday, the DOW began propelling impulsively upwards until it made the high of the week and a new all-time high at 40,304.45 on Friday and closed for the week at 40,060.35.

The price action of the DOW this week was unidirectional as it showed only bullish intent throughout the week.

Top three gainers this week: Intel Corp (+2.955%), International Business Machines Corp (+2.535%), and Amgen Inc (+1.766%).

Three Biggest losses this week: JPMorgan Chase & Co (-1.21%), Merck & Co Inc (-0.938%), and Boeing Co (-0.87%).

Nasdaq (NAS100)

  • Overall Percentage loss of the week: -0.18%
  • Total Points lost this week: only about 38 pips was lost overall.
  • Fluctuations of price during the week: With an opening price at 20,369.17 on Monday, the Nasdaq began with an impulsive bullish move which was sustained till Wednesday and this bullish movement led to a 1.52% increase in price action from the opening price on Monday. However, Thursday saw bearish close that led to a -2.21% down surge in price. However, Friday closed bullish at 20,331.50.

The NASDAQ also created the high of the week and an all-time high at 20,771.70 on Thursday. Overall, the NASDAQ experienced a bidirectional move this week which later closed bearish resulting in the -0.18% loss.

Top three Gainers this week: Arm Holdings PLC (+4.613%), ON Semiconductor Corp (+3.543%), and MercadoLibre Inc (+3.077%).

Three Biggest losses for the week: Biogen Inc (-2.846%), Meta Platforms Inc (-2.698%), and Illumina Inc (-1.619%).

In summary, the trading week from July 8th to July 12th, 2024, was marked by significant market fluctuations driven by numerous high-impact news events. 

The DXY experienced a notable decline, ending the week with a -0.75% loss. In contrast, the Dow Jones had a robust performance, achieving a +1.75% gain and setting a new all-time high. The Nasdaq faced a slight downturn, closing with a -0.18% loss despite hitting an all-time high mid-week. 

These movements underscore the influence of economic indicators and news releases on market trends, highlighting the importance of staying informed for strategic trading decisions.