NAGA Weekly Recap August 12 - 2024 – August 16 - 2024

This week, Wall Street experienced a strong surge, buoyed by signs of resilience in the US consumer and labor markets. Despite initial concerns sparked by early August's jobs report, which led to a brief sell-off, both the S&P 500 and Nasdaq have regained positive momentum.

Since the market dip on August 5th, the S&P 500 has climbed nearly 7%, while the Nasdaq Composite has surged over 8%. The Information Technology sector has been a standout, rising almost 12%, with Nvidia, a key player in the AI-driven bull market, seeing gains of over 21%.

*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.

**Data is sourced from publicly available information on NAGA Feed at the time of preparing this material and may be subject to change.

Nikkei surges 3%, leading Asia's gains amid Wall Street's recession relief rally

Japan's stock market outpaced its Asian peers, with the Nikkei 225 soaring over 3%, positioning it for its strongest weekly performance in four years. The surge follows a robust rally on Wall Street, driven by fresh economic data that alleviated concerns of a looming recession.

U.S. retail sales saw a significant 1% rise in July, well above the Dow Jones forecast of a 0.3% increase, while weekly jobless claims declined, adding to the positive economic sentiment.

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Warren Buffett aligns Apple and Coca-Cola holdings

In a surprising turn, Warren Buffett now holds the exact same number of shares in Apple as he does in Coca-Cola, following a significant reduction in his tech stock holdings.

This alignment was uncovered after a regulatory “13-F” filing on Wednesday revealed Berkshire Hathaway’s equity positions at the close of the second quarter, showing an equal 400 million shares in both Apple and Coca-Cola — Buffett’s oldest and most enduring investment.

This revelation has led many to speculate that the “Oracle of Omaha” may have completed his sell-off of Apple shares, potentially signaling a new phase in his investment strategy.

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Oil prices hold steady amid volatile weeks

Oil markets found stability at the close of a volatile week, balancing robust US economic indicators against rising geopolitical tensions involving Iran and concerns over tepid demand from China. Brent crude hovered near $81 per barrel, marking a weekly gain of around 2%, while West Texas Intermediate settled just below $78.

Strong retail sales and positive jobs data from the US, the world's largest oil consumer, provided support, even as worries over sluggish fixed-asset investment and industrial activity in China, the top oil importer, persisted.

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USD/JPY retreats below 149.00 amid diverging central bank policies

The USD/JPY pair extended its decline below the 149.00 level on Friday, erasing the gains that had pushed it to a nearly two-week high overnight. Ongoing differences in monetary policy expectations between the Bank of Japan (BoJ) and the Federal Reserve continue to exert pressure on the pair. However, the prevailing risk-on sentiment may limit the downside for the safe-haven Japanese Yen.

The pullback comes despite Japan's stronger-than-expected GDP growth for the second quarter, which has fueled speculation about a potential near-term rate hike by the BoJ.

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