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NAGA Weekly Recap February 12 - 2024 – February 16 - 2024
16 February 2024
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Maxim Bohdan
This week, certain indices have reached new highs, while the ranking of the top expensive companies has undergone changes right before our eyes. Do you want to learn more about this, as well as the new surge in oil prices and fluctuations in the euro? Read our weekly review right now!
Stocks set another record as S&P 500 closes at all-time high of 5,029.73
U.S. stocks set another record following some mixed reports on the economy.
The S&P 500 rose 0.6%, to 5,029.73 and squeaked by its prior all-time high set last week. The Dow Jones Industrial Average gained 0.9%, to 38,773.12, and the Nasdaq climbed 0.3%, to 15,906.17.
One risk that could upset things is the upcoming U.S. election. The Fed does not like to shift from holding rates steady to cutting too close to an election, according to Bank of America strategists led by Mark Cabana. So if the Fed doesn’t move by June, the possibility rises that it may end up holding rates steady until late 2024 or early 2025.
Trading involves significant risk of loss.
Nvidia ($NVDA) replaces Alphabet as Wall St's third most valuable company
Nvidia has dethroned Alphabet as the third most valuable U.S. company, fueled by anticipation surrounding its upcoming quarterly report and dominance in the AI chip market.
Nvidia's ascent was marked by a 2.46% surge in its stock price, reaching a staggering valuation of $1.825 trillion. Meanwhile, Alphabet, Google's ($GOOG) parent company, saw a more modest 0.55% increase, settling at a value of $1.821 trillion.
With control over approximately 80% of the high-end AI chip market, Nvidia has experienced a meteoric rise in its stock price, soaring by 47% this year alone after an impressive tripling in value in 2023.
Trading involves significant risk of loss.
Oil rises after U.S. data weighs on the US Dollar
Oil prices climbed over 1%, buoyed by a weakening dollar following disappointing U.S. retail data, while attention turned to concerns over slowing demand growth highlighted in an International Energy Agency (IEA) report.
Brent Crude ($UKOUSD) futures surged $1.26, or 1.5%, to settle at $82.86 a barrel, while U.S. West Texas Intermediate ($USOUSD) crude futures rose $1.39, or 1.8%, reaching $78.03.
Investors found optimism in the possibility of Federal Reserve interest rate cuts in response to the retail data, which could potentially bolster oil demand.
Trading involves significant risk of loss.
Euro could face stiff resistance at 1.0800
$EURUSD continues to hover in a consolidation phase above the 1.0750 level, maintaining its position after registering two consecutive days of gains.
Despite indications of impending bullish momentum in the pair's short-term technical analysis, potential buyers might hesitate to enter the market unless there's a successful breach of the 1.0800 resistance level.
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.
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