NAGA Group AG
NAGA Group AG
06/28/2024 | Press release | Distributed by Public on 06/28/2024 08:51
NAGA Weekly Recap June 24 2024 – June 28 2024
As the week comes to a close, let's recap some of the key financial headlines that shaped the markets. From the Dow Jones reaching a one-month high to the US dollar surging to new levels, here are the standout stories
Dow reaches one-month high
The Dow ($US30) closed at a one-month high on Monday, while the Nasdaq fell over 1% as investors diversified their portfolios, anticipating Federal Reserve interest rate cuts this year.
The Dow Jones Industrial Average soared, reflecting a strategic move by investors who rotated out of AI-linked stocks and into underperforming sectors. This shift caused the S&P 500 and Nasdaq to end the day lower, primarily due to a sell-off in high-performing technology stocks that had driven much of the year's gains. Despite this, nine out of the eleven major industry sectors in the S&P 500 saw gains.
Trading involves significant risk of loss.
Amazon hits $2 trillion mark
Amazon.com Inc. ($AMZN) reached a $2 trillion market value for the first time on Wednesday, driven by excitement around artificial intelligence and potential Federal Reserve interest rate cuts.
The e-commerce giant's stock rose 3.4% to $192.70, joining the elite club of tech titans Microsoft, Apple, Nvidia, and Alphabet. U.S. stock indexes have seen significant gains this year, fueled by AI enthusiasm and optimism about the economy's resilience. Wall Street's near-record levels have been largely powered by megacap stocks like Amazon and Nvidia, poised to benefit from expected lower interest rates.
Trading involves significant risk of loss.
Oil prices climb on supply fears
Oil prices edged higher on Friday, marking a third consecutive weekly gain amid escalating geopolitical tensions and weather-related disruptions, despite weak demand signals.
In early Asian trading, Brent crude futures for August rose 0.2% to $86.54 a barrel, while September's contract also increased by 0.2% to $85.44. U.S. West Texas Intermediate crude futures for August delivery went up 0.3% to $81.98 a barrel.
The rise in oil prices comes despite weak demand in the U.S., the world's largest oil consumer. Mounting tensions between Israel and Lebanon's Hezbollah and potential involvement of Iran, a major oil exporter, have heightened supply concerns, pushing prices higher.
Trading involves significant risk of loss.
Dollar barges past 161 yen and eyes quarterly rise
The US Dollar headed for a second consecutive quarterly gain on Friday, soaring to a near four-decade high against the Yen ahead of a crucial U.S. inflation report.
Despite a drop in U.S. yields and strong consumer price gains in Tokyo, Japan's currency plummeted to 161.155 per Dollar, its weakest since 1986. For the quarter, the Yen is down 6% against the Dollar and has lost 12% this year, marking the largest fall among G10 currencies. Against the Euro, it traded at a lifetime low of 172.37, as Yen bears tested the authorities' resolve.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week!