1. Home
  2. Markets Updates
  3. NAGA Weekly Recap June 17 - 2024 – June 21 - 2024

NAGA Weekly Recap June 17 - 2024 – June 21 - 2024

21 June 2024

Share the article:

Maxim Bohdan

This week, from June 17 to 21, brought several significant developments in the financial markets. The Bank of England's decision to hold interest rates, Nvidia's new status as the most valuable public company, rising crude oil prices, and record highs in the S&P 500 are the highlights.

These events reflect key economic trends and investor sentiments!



Bank of England holds rates in 'finely balanced' decision

The Bank of England opted to keep interest rates steady at its June meeting, but described the decision as “finely balanced” after U.K. inflation hit its 2% target.

This decision maintains the central bank’s key rate at a 16-year high of 5.25%, a level held since August 2023. Despite the steady rate, markets have nudged bets on an August rate cut to nearly 50-50, influenced by what investors perceive as dovish undertones in the Bank's messaging.

As a result of the BoE's unchanged policy, GBP/USD retreated below 1.2700.

Explore Markets on NAGA

Trading involves significant risk of loss.

 

Nvidia tops Microsoft as the most valuable public company

Nvidia surpassed Microsoft to become the most valuable publicly listed company in the world on Tuesday, solidifying its leadership in Big Tech.

Nvidia's stock price increased to $135.77. This rise valued the AI chipmaker at $3.33 trillion, edging out Microsoft at $3.31 trillion and Apple at $3.29 trillion. Just a year ago, Nvidia's market cap was over $1 trillion.

The company’s stock has surged more than 174% this year, even reaching over $1,200 earlier this month before a 10-for-1 stock split on June 7 to make shares more affordable.

Explore Stocks on NAGA

Trading involves significant risk of loss.

 

Oil moves higher after EIA confirms crude draw

Crude oil prices rose after the U.S. Energy Information Administration reported a decline in inventory of 2.5 million barrels for the week ending June 14. This followed an inventory build of 2.7 million barrels the previous week, which had put pressure on prices.

Gasoline stocks also dropped by 2.3 million barrels, signaling a strong start to the summer driving season and affecting market sentiment.

Brent Crude is now back above $85 per barrel, with West Texas Intermediate over $82 per barrel.

Explore Commodities on NAGA

Trading involves significant risk of loss.

 

S&P 500 rises to record close Monday

On Monday, June 17, the S&P 500 rose 0.77% to a record high of 5,473.23 as Wall Street built on last week’s gains. The Nasdaq Composite surged 0.95% to 17,857.02, while the Dow Jones added 188.94 points, or 0.49%, to end at 38,778.10, breaking a four-day losing streak.

Optimism about strong economic data and potential rate cuts fueled the rally. Megacap tech stocks boosted the S&P 500, with Microsoft up more than 1% and Apple rising about 2%. Alphabet, Amazon, and Meta Platforms also finished higher. Nvidia hit a new all-time high before closing slightly lower, and Broadcom shares jumped 5.4%.

Explore Indices 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

Brent on the Boil: Oil Rallies as Geopolitical Heat Fuels Bullish Breakout
19 June 2025
Oil markets are heating up as Brent crude breaks out above major moving averages. Discover the key levels, risks, and drivers behind the latest price rally.

Read more

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