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1 July 2024 | FXGT.com

Weekly Market Recap – US Stocks Close June Strong as Jobless Claims Increase

  • Major US Stock Indexes: The major US stock indexes remained relatively unchanged over the week but closed June with notable gains. The S&P 500 increased by 3.50%, the Nasdaq 100 climbed by 6.60%, and the Dow Jones 30 gained 1.30%. Final GDP figures for the first quarter revealed a 1.4% annual growth rate from January through March, the slowest since spring 2022.
  • US Jobless Claims Increase as PCE Index Declines: Jobless claims reached a more than two-year high, indicating a weakening labour market. On the inflation front, the PCE Index for May fell to 2.6%. Although inflation is not at the Fed’s 2% target, May’s figures showed the lowest annual rate in over three years. This increased market expectations of a 25-basis point rate cut at the Fed’s September meeting to above 60%.
  • USD/JPY Hits 38-Year High: The US dollar hit its highest level against the yen since 1986, prompting concerns from Japanese authorities about the yen’s decline. Speculation about potential intervention is high, with Finance Minister Shunichi Suzuki hinting at possible actions to stabilize the yen.
  • Oil Prices Rise for Third Week: Oil prices rose by 1% this week, marking a third consecutive weekly gain. WTI crude futures surpassed $82 per barrel, driven by hopes of U.S. interest rate cuts and escalating tensions in the Middle East. Concerns about potential supply disruptions overshadowed rising US crude and gasoline inventories. Market focus remains on geopolitical developments and their impact on oil supply.
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