- Social Trading
- Offering
- Resources
- Company
- About Us
- Help & Support
- Partnerships
NAGA Weekly Recap September 9 - 2024 – September 13 - 2024
13 September 2024
354 views
Share the article:
Maxim Bohdan
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 ($US30) edged up nearly 0.6%.
Recent economic data bolstered expectations for a 25 basis point rate cut from the Fed, rather than a larger 50 basis point reduction.
Trading involves significant risk of loss.
Oracle shares reach record high on strong AI-driven forecast
Shares of Oracle Corporation ($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.
Trading involves significant risk of loss.
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.
Trading involves significant risk of loss.
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.
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
Need Help? Visit our Help Section
Download NAGA Trader
Markets
Platforms
Pricing & Terms
Company
Documentation
Partnerships
Help & Support
Social Trading
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 CT House, Office 9A, 2nd Floor, Providence, Mahe, Seychelles. Tel: +248 4373121
The group also includes NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus. NAGA Global (CY) Ltd is wholly owned by The NAGA Group AG.
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, Congo, The Democratic Republic of the, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Iran, Islamic Republic of, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Korea, Democratic People's Republic of, 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.