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- [14.07.24] - Weekly Market Update
[14.07.24] - Weekly Market Update
Stay Informed and Ahead: Navigating Financial Markets, Cryptocurrency Developments, and Global Economic Trends
Valora Linx
July 14, 2024
How Did the Markets Perform Over the Past Week?
MARKET PERFORMANCE
S&P 500
The S&P 500 continued its upward trajectory, driven by investor optimism surrounding lower inflation and potential interest rate cuts. The index gained 1.45% for the week.
Dow Jones Industrial Average (DJIA)
The DJIA posted a gain of 2.03%, marking its best week since mid-May. The index benefited from strong performances in the industrial and financial sectors.
Nasdaq Composite
The Nasdaq Composite saw a modest increase of 1.02%, supported by gains in technology stocks.
Global Equities and Bonds
Global equities rose by 2.2% in June, while global government bonds returned 0.9% (USD terms)
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.
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. Despite these challenges, Tesla remains a prominent player in the EV market, with its Model 3 and Model Y maintaining strong demand.
CRYPTO
Bitcoin
Bitcoin (BTC) experienced significant volatility this week, briefly surpassing the $60,000 mark on July 10th. This surge was driven by renewed investor interest and positive market sentiment.
The Tokyo-based bitcoin exchange Mt. Gox, which went bankrupt in 2014, began repaying thousands of users almost $9 billion worth of Bitcoin and Bitcoin Cash. This repayment created downward pressure on prices, contributing to the volatility.
Ethereum and ETFs
The anticipation of Ether (ETH) ETFs continues to generate buzz in the market. The SEC is reviewing applications for these products, and while analysts predict that inflows might not match those of Bitcoin ETFs, the market remains optimistic.
Ethereum faced heavy liquidations due to the bearish pressure from Mt. Gox’s developments, with more than $108 million worth of ETH liquidated during the week.
Sources:
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