- Social Trading
- Offering
- Resources
- Company
- About Us
- Help & Support
- Partnerships
NAGA Weekly Recap September 23 - 2024 – September 27 - 2024
27 September 2024
290 views
Share the article:
Maxim Bohdan
This week, the focus was on major economic data and corporate earnings, which provided mixed signals for the markets. Strong US GDP data for the quarter gave investors a sense of optimism, while Micron’s impressive earnings and China’s promises of further economic stimulus added fuel to the rally.
We have a lot to cover in the latest developments, from new records in the S&P 500 to mixed results from Costco and fluctuations in key commodities and currencies.
Let’s dive into the key events shaping the markets.
Top Leader 🏆 | Highest Growth 📈 |
The King of Short Sells. In the fast-paced trading world, few have perfected short selling like Farmaceutico-trader, this week’s top performer. His strategy focuses on intra-day trades across the FX market, stock indexes, and commodities. Most traded assets: AUD/USD, NASDAQ, Gold, EUR/USD. With 837 trades and $136,603 in profit this week, was it pure luck, strategy or sharp intuition for market trends? We'll be watching him closely in the weeks ahead! | The chart for Shimao Property Holdings Ltd. shows a sharp 36% rise, triggered by a breakout above the 0.63 level. Strong fundamentals, including robust sales execution and a well-diversified land portfolio, continue to support the stock. |
*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.
US indexes end week higher on strong GDP data
US stock indexes ended the week on a high note, with the S&P 500 (^GSPC) closing at a fresh record. Investors were encouraged by strong US GDP data for the quarter, Micron's better-than-expected earnings, and China’s promises of additional economic stimulus.
The Dow Jones Industrial Average ($US30) rose 0.62%, while the S&P 500 ($SPX500) added 0.4% to reach a record 5,745.39. The Nasdaq ($NAS100) gained 0.6% as Micron shares surged, lifting other semiconductor stocks.
Trading involves significant risk of loss.
Costco reports mixed Q4 results with EPS beat but revenue slight miss
Costco ($COST) announced mixed fiscal fourth-quarter results on Thursday after market close. The wholesale giant's earnings per share surpassed expectations, coming in at $5.29, above Bloomberg’s consensus estimate of $5.07. However, the company slightly missed revenue, reporting $79.7 billion, just shy of the expected $79.96 billion.
CFO Gary Millerchip highlighted on the earnings call: “It's very clear that quality and value have never been more important. As inflation has eased, we've seen encouraging trends where members are increasing spending on nonfood items.”
Trading involves significant risk of loss.
Gold prices hit record high above $2,700
Gold prices maintained their upward momentum, driven by ongoing optimism around potential reductions in U.S. interest rates. This sentiment has weighed heavily on the dollar, with key economic updates expected in the coming days.
In the industrial metals sector, copper saw a slight pullback after hitting a two-month peak. The dip followed a surge in prices, fueled by hopes for additional stimulus from China, the world's top copper importer.
Trading involves significant risk of loss.
USD/JPY eases toward 145.00 after Tokyo CPI data
$USDJPY trimmed earlier gains, moving back toward 145.00 following Tokyo's CPI inflation data, which fueled speculation about potential Bank of Japan rate hikes. Despite this, optimism surrounding China’s policy measures continues to provide support for the pair's upside.
Traders are now turning their attention to the upcoming US PCE inflation data for further direction.
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
Need Help? Visit our Help Section
Download NAGA Trader
Markets
Platforms
Pricing & Terms
Company
Documentation
Partnerships
Help & Support
Social Trading
Free Education
News & Analysis
Download NAGA Trader
Copyright © 2024 – All rights reserved.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange | WKN: A161NR | ISIN: DE000A161NR7.
The website is operated by NAGA Capital Ltd which is authorised and regulated by the Financial Services Authority Seychelles (FSA) under licence No. SD026. The registered address of CT House, Office 9A, 2nd Floor, Providence, Mahe, Seychelles. Tel: +248 4373121
The group also includes NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus. NAGA Global (CY) Ltd is wholly owned by The NAGA Group AG.
RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This is not investment advice. Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the Lead Traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Restricted countries: NAGA Capital Ltd does not provide services for the residents of certain countries, such as Afghanistan, Albania, American Samoa, Anguilla, Australia, Austria, Barbados, Belarus, Belgium, Bermuda, British Indian Ocean Territory, Bulgaria, Burkina Faso, Canada, Cayman Islands, Central African Republic, Christmas Island, Cocos (Keeling) Islands, Congo, The Democratic Republic of the, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Iran, Islamic Republic of, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Korea, Democratic People's Republic of, Latvia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Montserrat, Mozambique, Myanmar, Netherlands, New Zealand, Norfolk Island, Norway, Palestinian Territory, Occupied, Pitcairn, Poland, Portugal, Romania, Russian Federation, Saint Helena, Ascension and Tristan Da Cunha, San Marino, Senegal, Serbia, Slovakia, Slovenia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sweden, Switzerland, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Turks and Caicos Islands, Uganda, Ukraine, United Kingdom and any other countries where the citizens have British proof of identity (i.e. British Virgin Island, Gibraltar, Isle of Man etc.), United States, U.S. Minor Islands, Vanuatu, Virgin Islands, British, Virgin Islands, U.S., Yemen, and Zimbabwe.