NAGA Weekly Recap September 9 – September 13 - 2024

This week has been significant across global markets. A tech rally propelled the S&P 500 and Nasdaq to a four-day winning streak, while Oracle shares reached a record high driven by strong AI forecasts. Gold prices hit new all-time highs amid optimism for interest rate cuts, and the EUR/USD pair rebounded as the U.S. dollar weakened on soft economic data.

Below, we provide detailed insights into these developments.

*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.

Tech rally drives S&P 500 and Nasdaq to four-day winning

U.S. stocks climbed as investors considered fresh inflation and labor data alongside expectations for a quarter-point interest rate cut by the Federal Reserve next week.

The S&P 500 ($SPX500) rose 0.7%, marking its fourth consecutive day of gains. The Nasdaq ($NAS100) increased about 1%, also securing a four-day winning streak, driven by strong performance in the tech sector. The Dow Jones ($US30) edged up nearly 0.6%.

Recent economic data bolstered expectations for a 25 basis point rate cut from the Fed, rather than a larger 50 basis point reduction.

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Oracle shares reach record high on strong AI-driven forecast

Shares of Oracle Corporation ($ORCL) surged in after-hours trading on Thursday, reaching a record high of $171.51, up 6.4%. The cloud computing firm's stock continues to climb after reporting strong quarterly earnings earlier this week and announcing a deal with Amazon’s web services. Oracle signaled robust revenue growth in the coming years, driven by increased demand for artificial intelligence, pushing its shares further into record territory.

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Gold prices reach record high on rate-cut optimism

Gold prices hit another all-time high as investors grew more confident that global interest rates will continue to decline. After the European Central Bank reduced its benchmark rate for the second time in three months, the spot price of gold rose 1.5% from Wednesday, reaching $2,567 per troy ounce. This marks a nearly 24% surge in gold prices this year.

Lower interest rates make yields on low-risk investments like Treasury bonds less appealing compared to gold.

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EUR/USD rebounds as US dollar weakens on soft data

The $EURUSD pair regained upward momentum, reversing some of its recent losses and moving toward the 1.1050 level. This shift was driven by fresh selling pressure on the U.S. dollar following softer-than-expected U.S. labor market data and August producer prices. Meanwhile, the U.S. Dollar Index ended a four-day streak of gains, encountering resistance around 101.80 as it responded to the downward bias. The European Central Bank (ECB) also lowered its policy rates in line with broad expectations.

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