[08.06.24] - Weekly Market Update

How Did the Markets Perform Over the Past Week?

STOCKS

1. Stock Market Trends: Analysis of the best-performing stocks of 2024, with a focus on sectors leading the market recovery, provided investors with insights into potential investment opportunities. Source

2. Microsoft Stock Forecast to Rally Around 18%
   Analysts from Oppenheimer raised their price target for Microsoft (MSFT) from $450 to $500, maintaining an Outperform rating. The stock is expected to rally around 18% based on analysts' forecasts. Source

3. Palantir Recommended as a Top AI Stock to Buy on the Dip
   Wedbush analyst Dan Ives deemed the recent selloff in Palantir Technologies (PLTR) a "golden" buying opportunity, maintaining an Outperform rating and a $35 price target. The stock is seen as a promising AI play. Source

4. GameStop Stock Plummet: GameStop shares faced a significant drop, impacting the broader market sentiment and contributing to the volatility seen in the cryptocurrency market. Source

CRYPTO

1. Big Friday Crypto Selloff: Bitcoin plunged below $70K as expectations for lower U.S. interest rates were dashed, coupled with a significant drop in GameStop shares souring market sentiment. Source

2. Crypto Market Surge: Crypto.com reported high activity levels, with over 100 million users engaging in buying, selling, and trading Bitcoin, Ethereum, and NFTs, reflecting sustained interest in the crypto market. Source

3. Speculative Stock Impact on Crypto: The plunge in speculative favorite stocks like GameStop influenced the sentiment in the cryptocurrency markets, demonstrating the interconnected nature of different financial sectors. Source

FOREX

8. Euro Weakens as ECB Rate Cut Seems Unlikely in July
   The euro weakened against major currencies as sources suggested that European Central Bank governors view a rate cut as unlikely in July, shifting focus to September.

9. Japan Banks to Divest Toyota Shareholdings
   Reports indicate that Japanese banks will begin divesting their strategic shareholdings in Toyota Motor Corp, a significant move in the country's corporate governance landscape.

FED

1. Federal Reserve Holds Rates Steady: The Federal Reserve held interest rates steady, maintaining the current economic stance amid mixed signals from the labor market and inflation pressures. Source

2. Understanding the Federal Reserve: A detailed overview of the Federal Reserve's structure was highlighted, explaining the roles of the Board of Governors and other components in shaping U.S. monetary policy. Source

3. Key Economic Data Releases: Key economic data releases, including nonfarm payrolls and inflation rates, were anticipated to provide further insights into the Federal Reserve's future policy directions. Source