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NAGA Weekly Recap January 15 - 2024 – January 19 - 2024
19 January 2024
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Maxim Bohdan
As we enter the second half of January, the past week has been brimming with significant events in the global markets. From fluctuating oil prices and the movement of the GBP/USD pair to AMC's stock performance and the Federal Reserve's stance on interest rates, here's a rundown of the key happenings that investors and traders should note.
Dow Jones pops 202 points as Fed official says this on rate cuts
In the last day, the Dow Jones Industrial Average surged over 200 points, or approximately 0.5%. The uplift was influenced by comments from Atlanta Federal Reserve President Raphael Bostic, who expects policymakers to begin reducing interest rates in the third quarter of this year. Bostic, a voting member of the Federal Open Market Committee responsible for setting rate policies, expressed his view that inflation is progressing towards the central bank's target.
The next decision on the key interest rate in the U.S. is scheduled for January 31. The current rate stands at 5.5%.
Trading involves significant risk of loss.
AMC’s stock registers biggest gain in over a month
Shares of AMC Entertainment Holdings Inc. ended the session up 7.8%, snapping their six-day losing streak. The stock also registered its largest single-day percentage gain since Dec. 4, 2023, when it rose 9.2%.
Three years ago, AMC went from a beleaguered pandemic victim to a meme-stock phenomenon. Boosted by the WallStreetBets forum on Reddit, AMC parlayed a steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021. In 2022, the company launched its AMC preferred equity unit special dividend, and in 2023 it completed the conversion of the APEs into AMC common stock, along with a reverse 1-for-10 split of common stock.
Trading involves significant risk of loss.
Oil prices ease as China demand worries
Oil prices slightly decreased on Friday, reversing the previous day's gains. This change was due to a mix of factors: geopolitical tensions and disruptions in American oil production caused by cold weather were offset by worries about sluggish demand growth in China and predictions of sufficient oil supply.
Brent crude futures dropped by 23 cents, or 0.3%, reaching $78.87 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures experienced a minor decline of 7 cents, settling at $74.01.
Despite these declines, both benchmarks are poised to conclude the week with an overall gain of approximately 1-2%.
Trading involves significant risk of loss.
GBP/USD drops toward 1.2650 after UK Retail Sales data
GBP/USD is dropping toward 1.2650, under intense selling pressure after the UK Retail Sales dropped more than expected in December. The pair is also feeling the heat from a pause in the US Dollar decline, as sentiment remains tepid ahead of top-tier US data.
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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