Weekly Market Report: Monday, March 11th, 2024, to Friday, March 15th, 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 Gain of the week: +0.69%
  • Total Pip-Gain of the week: about 70 pips were gained this week.
  • Fluctuations of price during the week: The price range for this week on DXY was between the low of 102.636 and the high of 103.494.

The DXY opened for the week at 102.747 and there was no high-impact news release on Monday, however, there was enough fodder news for price to make some moves on.

Though there was no news event at the beginning of the week on Monday, Tuesday through Friday was filled with news events that affected the market movement throughout the week. These news events included CPI, Core Retail sales, Unemployment claims and 30yr bond auction.

Price movement this week was more of a unidirectional movement as the DXY reacted erratically to the major news released on Tuesday through Friday.

The Unemployment claims news released on Thursday saw a significant 47 pips bullish move within three hours of its release. However, price retraced a bit and consolidated on Friday.

Price then closed at 103.446.

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: +0.04%
  • Total Points gained this week: Overall, only about 15 points was gained 
  • Fluctuations of price during the week: With an opening price of the week on Monday at 38736.75, the DOW began a bullish move and made the week's high at 39214.22. However, this bullish move was not sustained as the DOW reversed and moved impulsively bearishly on Thursday in response to the news events. 

The price action of the DOW this week was bi-directional but ended up being bullish and closed at 38751.67.

Top three gainers this week: 3M Co (+1.823%), Caterpillar Inc (+1.477%), and JPMorgan Chase & Co (+1.24%).

Three Biggest losses this week: Salesforce Inc (-2.964%), Amazon.com Inc (-2.422%), and Microsoft Corp (-2.07%).

Nasdaq (NAS100)

  • Overall Percentage loss of the week: -1.20%
  • Total Points lost this week: a massive 216 points were lost this week in total.
  • Fluctuations of price during the week: With an opening price at 18031.69 on Monday, and similar to the DOW, the Nasdaq began with a bullish move that made the high of this week at 18254.65. This bullish move, however, was not sustained as the New York session on Wednesday saw a very impulsive bearish till price made the low of the week at 17758.76.

Overall, the NASDAQ also experienced a bidirectional movement this week and closed at 17814.96.

Top three Gainers this week: CoStar Group Inc (+8.319%), Intuitive Surgical Inc (+3.115%), and Paccar Inc (+2.708%).

Three Biggest losses for the week: Adobe Inc. (-13.672%), Atlassian Corp (-4.08%), and MercadoLibre Inc (-3.956%).

In conclusion, this week's market performance witnessed contrasting movements across DXY, Dow Jones (US30), and the Nasdaq (NAS100).

DXY exhibited a bullish trend with notable fluctuations, reacting primarily to news events.

Dow Jones showed bi-directional movement, ultimately closing on a bullish note despite initial volatility. 

Conversely, Nasdaq experienced fluctuations, resulting in a bearish trend by the week's end.

Significant news releases impacted market sentiment, driving price movements. Notable gainers and losers across the indices highlighted sector-specific performances.