[23.06.24] - Weekly Market Update

How Did the Markets Perform Over the Past Week?

STOCKS

Mixed Performance in Major Indices: The past week saw mixed results for major US indices. While the S&P 500 experienced fluctuations, it managed to end the week slightly higher. The Nasdaq Composite also showed resilience, supported by gains in the technology sector. Investors continued to focus on AI and tech stocks, which have been key drivers of market performance. Source

Microsoft Overbought: Microsoft emerged as one of the most overbought stocks on Wall Street, according to recent analyses. The company's strong focus on AI has driven its stock price to new heights, but some analysts warn of potential pullbacks due to overvaluation. Source

• The stock market closed lower on June 21st, with the S&P 500 closing at 5,464.62.

• Tech stocks like Nvidia fell for a second day.

• However, the Dow Jones Industrial Average rose to 39,150.33, its best weekly performance since May.

• Some analysts believe the market may be overextended after recent gains. (Source)

CRYPTO

Bitcoin's Price Movements: Bitcoin’s price remained volatile but showed signs of potential recovery. Analysts highlighted that short-term holders were feeling the pressure, but a significant price bounce is expected once weaker hands capitulate and the hash rate recovers. Source

Ethereum Developments: The crypto market also saw notable developments in Ethereum. Asset managers updated their proposals for Ether ETFs, aiming for a potential July launch. Meanwhile, Ethereum's price faced scrutiny amid ongoing SEC investigations, impacting market sentiment. Source 

The outlook for Ether and altcoin prices is positive following the SEC’s decision to halt its investigation into whether Ether is a security. Source

FOREX

Gold Price Update: In the forex and commodities market, gold prices showed signs of a potential downturn. Negative divergence was noted, hinting at lower prices ahead. This comes after the recent bottom marked by the Non-Farm Payroll (NFP) data. Source

US Dollar and Inflation: The US dollar's performance was closely tied to key inflation gauges. The Federal Reserve's stance and upcoming data releases on inflation were critical in shaping traders' expectations and market movements. Source