Weekly Market Report: Monday, March 4th, 2024, to Friday, March 8th, 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: -1.10%
  • Total Pip-Loss of the week: About 114 pips were lost this week.
  • Fluctuations of price during the week: The price range for this week on DXY was between the high of 103.963 and the low of 102.358.

This week was the first full trading week of the month of March which means it was the NFP-Non-farm payroll- week.

Though there was no news event at the beginning of the week, Wednesday through Friday was filled with news events that affected the market at the latter part of the week. These news events include Fed Chair Powell Testifies, Unemployment claims, Unemployment rate, and Non-Farm Payroll among others.

Price movement this week was an impulsive bearish unidirectional move as the DXY began its downtrend from the opening price at 103.884. Friday had the low of the week at 102.358 and then closed at 102.741.

This week also showed a bearish movement in continuation of the previous week's bearish move.

Dow Jones (US30)

  • Overall Percentage loss of the week: -0.79%
  • Total Points lost this week: about 306 points were lost
  • Fluctuations of price during the week: With an opening price of the week on Monday at 39043.54, the DOW began a bearish move which soon reversed bullish to form the high of the week on Monday at 39082.80, the Dow then reversed its bearish course for the week till it peaked at the week's low on Friday at 38441.30. The DOW then closed for the week at 38736.75.

The price action of the DOW this week was unidirectional as it showed a bearish move this week. This significant bearish close of the week on the DOW was the first of its kind in nine weeks!

Top three gainers this week: 3M Co (+1.382%), Cisco Systems Inc (+1.227%), and Apple Inc (+1.027%).

Three Biggest losses this week: Intel Corp (-4.659%), Boeing Co (-2.236%), and Honeywell International Inc (-0.918%).

Nasdaq (NAS100)

  • Overall Percentage loss of the week: -1.58%
  • Total Points lost this week: a significant 289.80 points were lost this week in total.
  • Fluctuations of price during the week: With an opening price at 18326.04 on Monday, the Nasdaq also began with a steep bearish move till it peaked at the low of the week at 17808.08 on Tuesday. However, this bearish movement was reversed till it made the high of the week at 18417.79 on Friday. The Nasdaq then resumed its bearish course impulsively as influenced by the Non-farm Payroll news release.

The NASDAQ also experienced its first weekly bearish close for the first time in three weeks!

Top three Gainers this week: Moderna Inc (+3.569%), Atlassian Corp (+2.877%), and Comcast Corp (+2.013%).

Three Biggest losses for the week: Marvell Technology Inc (-11.364%), Costco Wholesale Corp (-7.641%), and Broadcom Inc (-6.986%).

In conclusion, the trading week from March 4th to March 8th, 2024, saw significant shifts in the markets.

The US Dollar Index (DXY) experienced a bearish trend, influenced by events like Fed Chair Powell's Testimony and Non-Farm Payroll data. 

Dow Jones (US30) witnessed its first significant bearish close in nine weeks, reflecting overall market sentiment. 

Meanwhile, the Nasdaq (NAS100) displayed volatility with a notable bearish close after three weeks.

 Amidst fluctuations, certain stocks like 3M Co and Moderna Inc stood out as gainers, while others like Intel Corp and Marvell Technology Inc faced losses.

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