[07.07.24] - Weekly Market Update

Stay Informed and Ahead: Navigating Financial Markets, Cryptocurrency Developments, and Global Economic Trends

Author

Valora Linx
July 06, 2024

How Did the Markets Perform Over the Past Week?

MARKET PERFORMANCE

S&P 500
The S&P 500 index maintained its bullish momentum, driven by investor optimism. Anticipation of lower inflation, accelerated earnings growth, and potential interest rate cuts in the second half of 2024 contributed to the positive sentiment.

Dow Jones Industrial Average (DJIA)
The DJIA posted a notable gain of 1.44% during the week, marking its best performance since mid-May. Investors closely monitored economic indicators and corporate earnings reports.

Nasdaq Composite
The Nasdaq Composite experienced a modest increase of 0.003% over the same period. Technology stocks played a crucial role in maintaining stability.

Global Equities and Bonds
Global equities rose by 2.2% in June, reflecting overall market resilience. Simultaneously, global government bonds returned 0.9% (USD terms), providing a balanced investment landscape.

STOCKS

Nvidia (NVDA)
Nvidia remains a focal point in the tech sector. The company's stock is a top holding in several major ETFs, reflecting its strong market position and investor confidence. However, Nvidia's stock faced fluctuations this week amid broader market movements and sectoral adjustments.

Amazon (AMZN)
Amazon continues to dominate the cloud computing space, with market estimates predicting substantial growth in this sector. The company's performance remains robust, bolstered by its diversified portfolio and strategic investments.

Tesla (TSLA)
Tesla stock faced volatility during the week due to supply chain disruptions and regulatory uncertainties. However, Tesla remains a prominent player in the EV market, with its Model 3 and Model Y maintaining strong demand.

CRYPTO

Bitcoin
Bitcoin experienced significant volatility this week, dropping below $58,000 on July 4th. This decline was partially due to Mt. Gox, the Tokyo-based Bitcoin exchange that went bankrupt in 2014, beginning to repay thousands of users almost $9 billion worth of Bitcoin and Bitcoin Cash, thereby creating downward pressure on prices.

Ethereum and ETFs
The launch of Ether ETFs is on the horizon, with the SEC potentially approving these products soon. However, analysts predict that the inflows from these ETFs might not match the record-breaking levels seen with Bitcoin ETFs. Despite this, the anticipation of Ether ETFs has kept the market abuzz.

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