Home / Blog / Category / Market Analysis / Weekly Market Recap – Third Quarter Kicks Off with New Highs
8 July 2024 | FXGT.com

Weekly Market Recap – Third Quarter Kicks Off with New Highs

  • Third Quarter Kicks Off with New Highs: The NASDAQ 100 and S&P 500 hit new highs, gaining 3.2% and 1.6%, while the Dow rose 0.4%. Markets reacted to expectations of lower interest rates. Economic data showed a softening labour market, with the ADP report indicating fewer hires and higher jobless claims, alongside a decline in ISM Services PMI falling to 48.8, indicating reduced economic activity.
  •  US Dollar Hits Three-Week Low: The FOMC minutes highlighted economic and labour market concerns, raising expectations for a dovish Fed stance and potential rate cuts, pushing the US dollar to a three-week low. The US added 206,000 jobs in June, slightly above forecasts but below May’s revised 218,000. However, the unemployment rate rose to 4.1%, the highest since late 2021.
  • UK Election Results: Labour, led by Keir Starmer, won a landslide victory in the 2024 general election with over 400 seats, marking their largest victory since 1997. Despite this significant political shift, the market impact is expected to be limited due to constrained fiscal policy, with more attention on broader economic and Bank of England policy actions.
  • Oil Rally Continues: Oil prices gained for the fourth consecutive week, reaching their highest level in over two months, with U.S. crude ending the week above $83 per barrel. This increase was driven by a weekly report indicating a drop in U.S. oil inventories, supporting analysts’ predictions of tight supplies for the summer.
Help us improve this article.
Disclaimer: Any material and information included herein are intended for general marketing purposes only and does not constitute investment advice or recommendation nor an invitation to acquire any financial instrument and/or be involved in any financial transaction. The investor is solely responsible for the risk of his investment decisions and if considers appropriate, he should seek relevant independent professional advice before making any decision. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. Please read full Non-Independent Investment Research Disclaimer here. Risk Disclosure: CFDs are complex instruments and carry a high level of risk of losing money. Read full Risk Disclosure here .

Blog Search

Categories

Blog Categories

Tag

Blog Tags

Register and Share Buttons EN

Register

Loved our latest article?

Share it with your friends and followers!

Copied to clipboard
To top

Important Note!

We use cookies to ensure you get the best experience on our website.

By clicking ‘Agree,’ you accept our use of cookies as outlined in our cookies policy

Leveraged products may not be suitable for everyone and may result in loss of all your capital. Please ensure you fully understand the risks involved and whether trading is appropriate for you. Read Full Risk Disclosure here.