Weekly Market Report: Monday, February 12th, 2024, to Friday, February 16th, 2024.

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Good day, traders!

Welcome to the first weekly market report of the year 2024, where we share with you some important data and highlight major market events that occurred during the trading week as they relate to DXY, Dow Jones (US30), and the Nasdaq (NAS100).

DXY

  • Overall Percentage Gain of the week: +0.19%
  • Total Pip-Gain of the week: only about 19.5 pips were gained this week.
  • Fluctuations of price during the week: The price range for this week on DXY was between the low of 103.895and the high of 104.976.

The DXY opened for the week at 104.080 and there was no high-impact news release on Monday, however, there was enough fodder news for price to make some moves on.

Though there was no news event at the beginning of the week on Monday, Tuesday through Friday was filled with news events that affected the market movement throughout the week. These news events included CPI, BOE Gov Bailey Speaks, Core Retail sales and Unemployment claims.

Price movement this week was more of a bidirectional movement as the DXY reacted erratically to the major news released on Tuesday and on Thursday.

The CPI news released on Tuesday saw a massive 87 pips bullish move in the hour of its release. However, price started its reverse on Wednesday and was more prominent on Thursday due to the retail sales news release.

Price then closed at 104.275

Overall, this week also showed a bullish movement similar to the previous week's bullish move.

Dow Jones (US30)

  • Overall Percentage loss of the week: -0.19%
  • Total Points lost this week: only about 74.19 points were lost
  • Fluctuations of price during the week: With an opening price of the week on Monday at 38638.31, the DOW continued its bullish move from last week and made a new all-time high at 38943.31. However, this bullish move was not sustained as the DOW reversed and moved impulsively bearishly on Tuesday till it made this week's low at 38031.80.

The price action of the DOW this week was bi-directional but ended up being bearish and closed at 38564.12.

Top three gainers this week: Merck & Co Inc (+0.988%), Walmart Inc (+0.632%), and Dow Inc (+0.562%).

Three Biggest losses this week: Nike Inc(-2.395%), Amgen Inc (-1.858%), and Cisco Systems Inc (-1.264%).

Nasdaq (NAS100)

  • Overall Percentage loss of the week: -1.59%
  • Total Points lost this week: a massive 284.62 points were lost this week in total.
  • Fluctuations of price during the week: With an opening price at 17943.95 on Monday, and similar to the DOW, the Nasdaq began with a bullish move that made a new all-time high and high of this week at 18040.99. This bullish move, however, was not sustained as the latter part of Monday and Tuesday saw a very impulsive bearish till price made the low of the week at 17475.57.

The NASDAQ also experienced its first weekly bearish close for the first time in the past five weeks and closed at 17659.33.

Top three Gainers this week: Trade Desk Inc (+17.461%), Applied Materials Inc (+6.347%), and AstraZeneca PLC (+2.276%).

Three Biggest losses for the week: DoorDash Inc (-8.125%), Adobe Inc. (-7.415%), and Airbnb Inc (-3.285%).

Overall, price showcased its dynamic movements across DXY, Dow Jones (US30), and Nasdaq (NAS100).

Despite modest gains in DXY, the market remained sensitive to news events, inducing bidirectional shifts.

Dow Jones experienced a slight loss, reflecting fluctuations in major players like Merck & Co Inc and Nike Inc. 

Conversely, Nasdaq witnessed significant losses, breaking its trend of consecutive bullish weeks. Trade Desk Inc emerged as a standout gainer amidst notable declines in DoorDash Inc and Adobe Inc.

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