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Weekly Market Report: Monday, September 2nd, 2024, to Friday, September 6th, 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 loss of the week: -0.54%
  • Total pips loss of the week: Overall, about fifty-four (54)  pips were lost this week.
  • Fluctuations of price during the week: The price range for this week on DXY was between a high of 101.917 and a low of 100.583.

This week marked the first trading week of September and is the popular Non-Farm Employment Change week.

This week was heavily packed with high-impact news releases that affected the DXY and indices. 

The DXY price range was about one hundred and thirty-four (134) pips. This week's high-impact news releases included the ISM Manufacturing PMI, JOLTS Job openings, ADP Non-farm Employment Change, ISM Services PMI, Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment rate and FOMC Member Waller Speaks among others.

The United States and Great Britain Bank holiday led to the rather consolidating price move on Monday which gave no sentiment for the week.  However upon the release of the ISM Services PMI, on Tuesday, a little volatility was experienced in the market as the DXY traded above the high of last week and thereby creating the high of the week at 101.917. The following day Wednesday and Thursday saw impulsive bearish closes owing to the high-impact news releases. Friday the Non-Farm Employment Change day saw a bi-directional move as it made the low of the week at 100.583 and closed bullish for the day and week at 101.188.

Overall, the DXY experienced a significant bearish close for the week.

Dow Jones (US30)

  • Overall Percentage loss of the week: -3.81%
  • Total Points lost this week: there was a massive thousand, Three Hundred and Twenty  (1,320) points lost this week.
  • Fluctuations of price during the week: With an opening price of the week on Monday at 41,559.00, the DOW began with an indecision candle due to the Bank holidays and made the high of the week at 41,577.25. Upon news release on Tuesday, the DOW began impulsive movement downwards which continued till Friday and closed impulsively bearish. Price made the low for the week on Friday 40,201.71 and closed for the week at 40,238.96.

The price action of the DOW this week ended up impulsively bearish closing below last two week’s low.

According to CNBC, below were the top three (3) gainers and losers on the DOW this week.

Top three gainers this week: Travelers Companies Inc (+1.126%), McDonald’s Corp (+0.535%), and Visa Inc (+0.269%).

Three Biggest losses this week: Amazon.com Inc (-3.654%), American Express Co (-3.089%), and Boeing Co (-2.794%).

Nasdaq (NAS100)

  • Overall Percentage loss of the week: -5.82%.
  • Total Points lost this week: a massive One Thousand, One Hundred and Forty (1,140) points were lost this week in total.
  • Fluctuations of price during the week: With an opening price that gapped from last week's closing price, to open at 19,445.75 on Monday, the Nasdaq also began with a low volatility resulting in the small range price action on Monday. However, upon injection of a news catalyst into the market, Tuesday saw an impulsive bearish close and also created the high of the week at 19,683. This bearish close continued till Friday, which made the low of the week at 18.339.75 close impulsively bearish for the week at 18,458.25.

This week, in the end, showed an impulsive bearish close.

Also, Friday’s close saw a very dramatic event as about $1.78 Trillion was erased from the global stock markets and this was due to the fears of investors of a global recession, and monetary policies. The over 5% plunge seen in the NASDAQ was a result of the uncertainty surrounding interest rate hikes and weak performance.

According to CNBC, below were the top three (3) gainers and losers on the NASDAQ this week.

Top three Gainers this week: Fastenal Co (+1.089%), Monster Beverage Corp (+0.892%), and Paccar Inc (+0.735%).

Three Biggest losses for the week: Broadcom Inc (-10.355%), Tesla Inc (-8.446%), and Super Micro Computer Inc (-6.787%).

In summary, the first trading week of September 2024 saw significant market movements across major indices, driven by high-impact news events. 

The DXY recorded a modest loss of 0.54%, with price volatility peaking on Friday's Non-Farm Employment Change release. 

The Dow Jones (US30) and Nasdaq (NAS100) faced steep declines, losing 3.81% and 5.82%, respectively, as recession fears and interest rate uncertainties rattled global markets. A staggering $1.78 trillion was wiped from global stock markets by week's end. Despite slight gains from a few companies, overall market sentiment leaned heavily bearish as investors remained cautious.