1. Home
  2. Markets Updates
  3. NAGA Weekly Recap April 29 - 2024 – May 3 - 2024

NAGA Weekly Recap April 29 - 2024 – May 3 - 2024

3 May 2024

Share the article:

Maxim Bohdan

This week, all eyes were focused on the Federal Reserve's decision, as well as some earnings reports. While some outcomes were expected, markets still reacted quite actively. Curious to know more about how exactly?

Dive into our weekly analysis to stay updated on all the key developments you shouldn't miss!



Fed leaves its interest rate unchanged

At its meeting on Wednesday, May 1st, the Federal Reserve of the United States opted to keep its key interest rate unchanged at 5.25%-5.50%. This decision was widely anticipated, given that the US inflation rate has not reached the targeted 2% annual mark.

However, signals were received indicating that a rate cut may still be possible in 2024, albeit later than expected. It was previously planned to begin rate cuts in the spring of 2024, but this now seems unlikely. Assets immediately reacted to the news, particularly with high volatility observed in the US Dollar, Stocks, and Gold.

Explore Markets on NAGA

Trading involves significant risk of loss.


Amazon exceeds earnings and revenue projections

Amazon ($AMZN) released its first-quarter earnings report after Tuesday's closing bell, surpassing analysts' expectations and sparking a surge in its stock price. The company's robust performance was driven by significant growth in Amazon Web Services (AWS) and advertising revenue streams.

The earnings report revealed a net income of $10.43 billion, or 98 cents per share, on total revenue of $143.31 billion. Amazon's revenue surged by over 12% compared to the same period last year, while net income and earnings per share more than tripled.

Following a 3.3% decline during regular trading hours, Amazon shares surged by 2.9% to $181.01 in extended trading on Tuesday.

Explore Stocks on NAGA

Trading involves significant risk of loss.


Gold snaps two-day losing streak above $2,280

Gold prices traded positively near $2,288 on Wednesday as investors awaited the Federal Reserve's monetary policy meeting. The precious metal posted modest gains, reversing a two-day losing streak, amidst a cautious market sentiment.

Anticipation surrounded the Fed's decision on interest rates, with expectations that rates would remain steady. Federal Reserve Chair Jerome Powell was anticipated to maintain a hawkish stance, influencing market dynamics.

Additionally, rising geopolitical risks contributed to a boost in demand for traditional safe-haven assets like gold. Despite uncertainties in global markets, gold prices edged higher, reflecting investors' cautious approach.

Explore Commodities on NAGA

Trading involves significant risk of loss.


Euro turns bearish ahead of Fed policy announcements

$EURUSD experienced a bearish turn after Tuesday's sharp decline, entering a consolidation phase. The pair closed significantly lower during the American session on Tuesday, and early Wednesday found itself in consolidation below the 1.0700 level.

The technical outlook for $EURUSD suggested a bearish tilt in the near term, reflecting the downward pressure on the euro against the US dollar. Market sentiment shifted as investors braced for the Federal Reserve's policy announcements, widely anticipating that the central bank would leave the policy rate unchanged. That's what happened.

Explore Forex on NAGA

Trading involves significant risk of loss.


This concludes our weekly recap. Have a great weekend and see you next week! 👋

IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Related articles

Top Economic Events to Watch | June 30 - July 4, 2025
30 June 2025
Get ready for market moves on July 3, 2025. Discover the three key U.S. economic reports—NFP, unemployment, and ISM Services PMI—that could drive stocks, bonds, the dollar, and more.

Read more

Gladys Eguia

NAGA Weekly Recap June 23 - 27, 2025
27 June 2025
Middle East tension cooled, stocks bounced, oil dropped—now all eyes on earnings and NFP. Is this just the calm before the next storm? Catch the full breakdown and what traders should watch next.

Read more

Gladys Eguia

Euro Rally Gains Momentum: 1.1700 in Sight, Fed in Focus
26 June 2025
Discover the latest EURUSD analysis as the pair eyes a breakout above 1.1700. Get insights on moving averages, RSI, Fed rate cut expectations, and potential bullish targets.

Read more