NAGA Weekly Recap July 29 - 2024 – August 2 - 2024

This week has been eventful with several significant happenings. The Federal Reserve and Bank of England made important decisions on key interest rates. Additionally, earnings reports from major giants like Microsoft, Pfizer, AMD, and others were released. These developments impacted key assets such as Gold, Stocks, and the US Dollar.

*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.

US stocks open higher after Fed chair signals rate cut in September

Major stock exchanges in the US opened higher after Federal Reserve Chair Jerome Powell provided Wednesday clear signals for a possible interest rate cut in September.

The tech-heavy Nasdaq increased 99 points to 17,698 and the S&P 500 rose 34 points to 5,556.

The Dow Jones, meanwhile, increased 168 points to 41,010.

Powell said in his post-meeting press conference Wednesday that rising confidence on inflation and a solid labor market could put the September rate cut on the table for the central bank.

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Apple beats Q3 expectations despite a decline in iPhone sales

Apple ($AAPL) announced its third quarter earnings after the bell on Thursday, beating analysts' expectations on the top and bottom lines despite a year-over-year decline in iPhone sales.

Apple saw revenue out of Greater China top out at $14.7 billion. Analysts surveyed by Bloomberg were anticipating revenue of $15.2 billion. Apple reported China revenue of $15.7 billion in the same quarter last year. Overall iPhone sales hit $39.2 billion versus expectations of $38.9 billion, falling short of the $39.6 billion Apple saw in Q3 2023.

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Oil demand expected to rise soon

Oil demand is expected to follow an upward trajectory soon, potentially stabilizing current market fluctuations, according to The Algerian Minister of Energy and Mines, Mohamed Arkab.

These comments were made after his participation via videoconference in the 55th meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, according to a statement from the ministry.

The meeting, attended by the President of the National Agency for the Valorization of Hydrocarbon Resources and other ministry officials, focused on evaluating the compliance levels with production cut commitments by OPEC+ countries for May and June 2024.

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Pound dip-buyers seize on cautious Bank of England rate cut

When the Bank of England’s first interest-rate cut since 2020 finally came on Thursday, it did little to deter traders from betting on further sterling strength.

Within minutes of the decision to ease policy from the highest level in 16 years, the UK currency started clawing back gains. Down 0.8% versus the US Dollar before the decision, it erased more than half that decline after the announcement, leaving it at the top of the pack this year among its Group-of-10 peers.

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