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

16 August 2024

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Maxim Bohdan

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! 👋

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.
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