1. Home
  2. Markets Updates
  3. NAGA Weekly Recap August 5 - 2024 – August 9 - 2024

NAGA Weekly Recap August 5 - 2024 – August 9 - 2024

9 August 2024

Share the article:

Maxim Bohdan

At the beginning of this week, traders were left reeling as financial markets took a significant hit on Monday, August 5. Indices plummeted by up to 5% in a single day, with some stocks, like Intel, falling as much as 20-30%. Several factors contributed to this downturn, including weak U.S. labor market data and the Federal Reserve's decision to hold the key interest rate steady until the fall. Read on to find out what happened and how the markets are performing today.



*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.

 

US stocks tumble on fears over slower growth

US stock markets fell sharply on Monday following falls in Europe and Asia as fears rose that the American economy is heading for a slowdown.

The technology-heavy Nasdaq index opened 6.3% lower after a sharp decline at the end of last week, but pared it loses during the day.

The other main US indexes also opened sharply down, while stock markets in Europe and Asia plunged with Japan's Nikkei 225 falling by some 12.4%.

It comes after weak jobs data in the US on Friday sparked concerns about the world's largest economy.

The US Federal Reserve also held off cutting interest rates last week — something that typically boosts growth — in contrast to other central banks such as the Bank of England.

Explore Markets on NAGA

Trading involves significant risk of loss.

 

Intel’s stock is down 38% in a week

Intel Corp. ($INT) shares are down 38% over the past five sessions, and declines of that magnitude can sometimes prompt upgrades from analysts who see a buying opportunity in the weakness.

But in Intel’s case, the semiconductor stock just received yet another downgrade. Mizuho’s Vijay Rakesh cut his rating on Intel shares to neutral from outperform after Wednesday’s closing bell, writing of “a tough road ahead to regain leadership.”

Explore Stocks on NAGA

Trading involves significant risk of loss.

 

Oil prices down over US recession fears

Oil prices extended losses over demand worries triggered by recession fears in the US, the world's largest oil consumer.

International benchmark Brent crude traded at $76.46 per barrel, a fall of 0.46% from the closing price of $76.81 per barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $73.19 per barrel at the same time, a 0.45% decrease from the previous session that closed at $73.52 per barrel. The US economy added 114,000 jobs in July, significantly below market estimates of 176,000, according to figures released by the Labor Department on Friday.

Data fueled worries that the central bank could have been too late to ease its monetary policy, pushing the US economy into a recession.

Explore Commodities on NAGA

Trading involves significant risk of loss.

 

EUR/USD holds position above 1.0900 after breaking its losing streak

EUR/USD halts its three-day losing streak, trading around 1.0920 during the Asian session on Friday. The upside of the $EURUSD pair could be attributed to the downbeat US Dollar (USD), which could be attributed to heightened expectations of a dovish policy outlook by the US Federal Reserve (Fed).

However, the EUR/USD pair faced challenges as US Initial Jobless Claims fell to 233,000 for the week ending August 2, coming in below the market expectation of 240,000. This decline follows an upwardly revised figure of 250,000 for the previous week, which was the highest in a year.

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

NAGA Weekly Recap June 9 - 13, 2025
13 June 2025
Catch up on this week’s market moves: strong U.S. jobs data lifted sentiment, but inflation risks and stalled trade talks kept investors cautious. Tech led gains, oil climbed, and the dollar slipped. Read the full financial recap for June 9–13, 2025.

Read more

Gladys Eguia

Top Economic Events to Watch | June 9 - 13, 2025
10 June 2025
Get the latest CPI, Core CPI, and PPI data insights for June 2025. Discover how this key inflation data could impact markets and your trading strategy.

Read more

Gladys Eguia

NAGA Weekly Recap June 2 - 6, 2025
6 June 2025
Markets steadied this week ahead of the NFP report, with inflation cooling, tech stocks rallying, and gold and FX reacting to shifting Fed rate expectations. Get the full breakdown across stocks, commodities, and currencies.

Read more

Gladys Eguia