Weekly Market Report: Monday, June 3rd, 2024, to Friday, June 7th, 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 Gain of the week: +0.30%
  • Total Pip Gain of the week: Only 30 pips were gained this week.
  • Fluctuations of price during the week: The price range for this week on DXY was between the low of 103.993 and the high of 104.946.

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

At the beginning of the week, the DXY experienced a complete down surge in price movement due to the, Flash Manufacturing PMI and ISM Manufacturing PMI news releases after which, the red folder news releases on Tuesday till Thursday had no significant impact on the DXY movement as the DXY price was in a range during these period. However, upon the release of Friday Red folder news,  the DXY experienced a significant +0.81% increase in this week's price. Among the news events that impacted the DXY movement this week include Flash Manufacturing PMI, ISM Manufacturing PMI, Unemployment claims, Unemployment rate, and Non-Farm Employment change among others.

Price movement this week was a bi directional move. The DXY began a downtrend from the opening price at 104.625 and made the low of the week on Tuesday at 103.993. Friday had the high of the week at 104.946 and then closed at 104.934.

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

Dow Jones (US30)

  • Overall Percentage Gain of the week: +0.07%
  • Total Points gained this week: only about 26 points were gained
  • Fluctuations of price during the week: With an opening price of the week on Monday at 38750.22, the DOW began a signficant bearish move which reversed on Tuesday forming the Low of the week on Monday at 38237.04. The DOW then began it's bullish course from Tuesday through Thursday. However, Friday saw a significant bearish close onthe DOW, making the high of the week at 39098.66 and then closed at 38776.56 for the week.

The price action of the DOW this week was bidirectional as it showed both bullish bearish move this week.

Top three gainers this week: 3M Co (+2.688%), Travelers Companies Inc (+1.545%), and JPMorgan Chase & Co (+1.544%).

Three Biggest losses this week: Unitedhealth Group Inc (-2.237%), Walmart Inc (-1.891%), and McDonald’s Corp (-1.73%).

Nasdaq (NAS100)

  • Overall Percentage gain of the week: +2.38%
  • Total Points gained this week: a massive 441 points were gained this week in total.
  • Fluctuations of price during the week: With an opening price at 18554.26 on Monday, the Nasdaq began with a considerably impulsive bullish move which was sustained till Wednesday where price made the high of the week at 19121.33. However, Thursday and Friday saw consecutive bearish closes and closed for the week on Friday at 18996.03

The NASDAQ also created another all-time high at 19121.33. Overall, the NASDAQ experienced and unidirectional bullish move this week.

Top three Gainers this week: CrowdStrike Holdings Inc (+2.535%), Palo Alto Networks Inc (+2.017%), and Automatic Data Processing Inc (+1.754%).

Three Biggest losses for the week: Trade Desk Inc (-3.107%), Biogen Inc (-2.828%), and GlobalFoundries Inc (-2.383%).

In conclusion, the DXY demonstrated resilience, posting a modest gain of 0.30%, driven by significant economic releases, including NFP and PMI data. 

The Dow Jones experienced minimal gains, reflecting a bidirectional movement with significant reversals mid-week. 

Despite the fluctuations, the Nasdaq emerged as the standout performer, achieving a notable 2.38% increase and reaching a new all-time high. 

Goatfunded Traders are hereby urged to keep an eye on news events as the have significant impact on price movement.

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