[30.06.24] - Weekly Market Update

How Did the Markets Perform Over the Past Week?

STOCKS

The S&P 500 experienced fluctuations this week, ultimately snapping a weekly winning streak but ending June with a significant monthly gain of 3.5%. The index saw its seventh positive month out of the past eight, reflecting ongoing market resilience. The Dow Jones Industrial Average also held steady above the 39,000 mark, despite some volatility towards the end of the week (DailyFX)​​

NVIDIA continues to be a significant player in the tech sector, with its stock skyrocketing by 164% this year. A major technology ETF recently rebalanced its holdings, increasing its Nvidia stake from 6% to 21% to capitalize on this growth. Nvidia, along with Arm Holdings, saw substantial gains in the first half of 2024, but there are warnings from Wall Street about potential volatility in the second half (BusinessTimes)

Amazon is solidifying its position as a leader in the cloud computing market. Market estimates suggest that the sector will grow from $0.68 trillion in 2024 to $1.44 trillion by 2029, reflecting a compound annual growth rate that underscores Amazon's strategic importance in this rapidly expanding field (Yahoo Finance)

CRYPTO

Bitcoin and other major cryptocurrencies faced a tumultuous week. Bitcoin's price failed to see a dramatic increase despite cooling U.S. inflation, which typically benefits the crypto market. Altcoins also experienced rocky trading sessions, with Bitcoin's price dips being viewed as buying opportunities by traders. Notably, inflows into spot Bitcoin ETFs were observed, indicating continued investor interest (Cointelegraph)​​

The U.S. Securities and Exchange Commission (SEC) is expected to approve spot Ether ETFs as soon as July 4, 2024. This move could bring significant inflows, with projections suggesting that these new Ethereum ETFs could attract around $5 billion. The timing for these launches will depend on how quickly issuers can act once approval is granted (SCMP)

FOREX | Commodities | Global Markets

In the forex market, the USD/CAD pair showed bullish tendencies, while the GBP/USD and EUR/USD pairs exhibited mixed performances amid geopolitical tensions and economic data releases. Crude oil prices remained bearish, with narrow price actions expected to keep oil within a tighter range for Q3. Gold and silver maintained mixed sentiment as traders balanced their portfolios in response to market volatility (DailyFX)​​

Globally, markets such as the FTSE 100, DAX 40, and Nikkei 225 showed varied performances. The Nikkei 225 aimed to push higher towards the end of the week, while the European indices showed mixed reactions ahead of key economic data and political events (DailyFX)​​