NAGA Weekly Recap September 23 – September 27 - 2024

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.

*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.

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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.”

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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.

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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.

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