- Social Hub
- Offering
- Resources
- Company
- Partnerships
NAGA Weekly Recap November 20 – November 24 - 2023
24 November 2023
429 views
Share the article:
Maxim Bohdan
Here's a concise overview of the week's economic updates: Bank of America predicts S&P 500 hitting 5,000 in 2024, HP's earnings meet estimates, oil prices dip on OPEC+ meeting concerns, and EUR/USD faces pressure below 1.0900 due to a stronger US Dollar.
Stay tuned for these key developments in the financial world!
Bank of America forecasts S&P 500 to reach record 5,000 in 2024
The stock market has had a stellar run in 2023, and the equity strategy team at Bank of America expects another strong year in 2024 will send the S&P 500 to a record high of 5,000.
In a note to clients published Tuesday, Savita Subramanian and her team at Bank of America argued the coming year will be a "stock picker's paradise" as markets move past the "maximum macro uncertainty" investors faced this year.
The firm's forecasted year-end target for the S&P 500 implies the benchmark index will rise about 10% from current levels. The firm had a year-end price target for 2023 of 4,600 on the S&P 500.
Trading involves significant risk of loss.
HP earnings match estimates. The company sees PC recovery ahead
In its fiscal fourth quarter, $HP reported revenue declines in personal systems and printing but managed to record adjusted earnings of $0.90 per share. This figure aligns with earlier forecasts, and the company reported a total revenue of $13.82 billion for the quarter.
Despite the cautious forecast, HP shares saw a positive response from investors. After the earnings announcement on Tuesday evening, the stock rose by 2.8%, reaching $28.6 at the time of this publication.
Trading involves significant risk of loss.
Oil slips 1% on concerns over delayed OPEC+ meeting
Oil prices dipped about 1% on Thursday, extending losses on expectations that OPEC+ might not deepen output cuts next year after the producer group postponed its policy meeting.
Brent Crude futures were down 68 cents, or about 0.8%, at $81.28 a barrel by 2024 GMT, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude slid 75 cents, or 1%, to $76.35 after dropping as much as 5% in the previous session.
Trading activity was muted because of the U.S. Thanksgiving public holiday.
Trading involves significant risk of loss.
EUR/USD slips below 1.0900 as US Dollar gains strength
The EUR/USD pair dropped below 1.0900 in Asian trading today due to a stronger US dollar, boosted by higher US Treasury yields. Technical indicators suggest that if it falls below the nine-day moving average at 1.0867 and other key levels like 1.0850 and 1.0842, it could face more downward pressure towards 1.0800.
On the positive side, the euro still shows some strength with the RSI above 50 and the MACD indicating upward momentum. This suggests a potential recovery, targeting recent highs near 1.0950 and possibly testing resistance at 1.1000.
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
Top Economic Events to Watch | March 10 - 14, 2025
10 March 2025
30 views
Find out here the top economic events to watch for the week and learn which financial instruments will be influenced by them.
Read more
Gladys Eguia
NAGA Weekly Recap March 3 - 7, 2025
7 March 2025
15 views
Markets are on high alert as inflation, growth data, and geopolitical tensions drive volatility. Central banks, stock sectors, commodities like oil and gold, and forex pairs are all reacting. Stay updated on how these factors are shaping the financial landscape.
Read more
Gladys Eguia
Need Help? Visit our Help Section
Download NAGA Trader
Markets
Platforms
Pricing & Terms
Company
Documentation
Partnerships
Help & Support
Social Hub
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 Suite 3, Jivan’s Complex, Global Village, Mont Fleuri, Mahe, Seychelles. Tel: +248 4373121
Partner Companies: NAGA Markets Europe Ltd, authorised and regulated by the Cyprus Securities and Exchange Commission ("CySEC") under license No. 204/13 with registered address at Agias Zonis 11, Limassol, 3027, Cyprus and NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus.
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, The Democratic Republic of the Congo, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Islamic Republic of Iran, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Democratic People's Republic of Korea, 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.