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).
This week marked the last trading week of the month of June and it was packed with red folder news that affected the movement of the US. Dollar Index.
At the beginning of the week, the DXY experienced a 0.33% decline in price movement on Monday from the opening price at 105.832. This was as a result of the fodder news available for price to run on. However, the red folder news releases on Tuesday and Wednesday reversed price action leading to a 0.5% increase from Monday's closing price at 105.482. Among the news events that impacted the upclimb in the DXY toward the end of this week include CB Consumer Confidence and New Home Sales. Thursday and Friday saw a downward surge again as price closed at 105.849 just few pips above the week's opening price
Monday had the low of the week at 105.371 while Wednesday had the high of the week at 106.130.
Overall, this week also showed a very little bullish close.
The price action of the DOW this week was bidirectional as it showed bullish intent at the start of the week. However, it was not sustained throughout the week.
Top three gainers this week: Unitedhealth Group Inc (+4.691%), Caterpillar Inc (+1.722%), and Salesforce Inc (+1.681%).
Three Biggest losses this week: Nike Inc (-19.981%), Merck & Co Inc (-4.637%), and Walt Disney Co (-2.819%).
Overall, the NASDAQ experienced and bidirectional bearish move this week.
Top three Gainers this week: MongoDB Inc (+2.38%), Microchip Technology Inc (+2.315%), and Comcast Corp (+2.299%).
Three Biggest losses for the week: Lululemon Athletica Inc (-3.114%), Meta Platforms Inc (-2.953%), and Amazon.com Inc (-2.325%).
In conclusion, the final week of June 2024 presented mixed movements across the major indices.
The DXY saw a minor gain of 0.02%, with significant fluctuations driven by key economic news. The Dow Jones experienced a slight loss of 0.03%, showcasing an initial bullish trend that reversed midweek. The Nasdaq also faced a small loss of 0.15%, marked by significant price swings.
Despite these variations, the market remained relatively stable with top performers like UnitedHealth Group and MongoDB Inc making notable gains.
As we move into July, Goatfunded traders should remain vigilant for further economic indicators that could impact market direction.
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