NAGA Weekly Recap March 25 – 2024 – March 29 – 2024

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This week, we have some exciting updates to share with you. The US stock market has hit new records, while many traders felt the aftermath of the Reddit IPO. A piece of good news for market participants is gold reaching a new record high, but the decline in the EUR/USD carries an uncertain reputation. Learn more about these developments in our weekly recap.

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S&P 500’s latest record closes out best first quarter since 2019

The S&P 500 concluded the last trading day of March with a bang, achieving a new record high and marking an impressive start to 2024. This triumph wraps up a fruitful first quarter, with the S&P and Dow Jones both inching over 0.1% higher on Thursday. Despite a slight 0.1% dip, the Nasdaq Composite has joined its peers in celebrating five consecutive months of gains.

This year’s first quarter has been remarkable for Wall Street, delivering the best performance since 2019 with the S&P 500 soaring over 10%. Initially driven by megacap stocks, the rally is now broadening its base, leaving analysts scrambling to adjust their predictions in light of the market’s surprising strength.

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Reddit insiders selling days after IPO

Reddit’s top brass, including CEO Steve Huffman, disclosed significant share sales just one week following the company’s highly anticipated IPO. This revelation sent RDDT stock into a sharp decline on Thursday.

Huffman offloaded 500,000 shares at an average price of $32.30, bagging $16.15 million, while CFO Andrew Vollero and COO Jennifer Wong also made substantial sales, earning millions. The news triggered a dramatic 14.6% drop in Reddit’s stock price to $49.32 on Thursday, following an 11.3% fall the previous day. This downturn comes after Reddit’s stock reached a record high of $74.90 on Tuesday.

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Gold prices tease record breaks

Gold’s lustrous rally continues as prices dance around the $2,230 mark as a new record high. The precious metal’s trajectory points upward, with the Bull Flag pattern suggesting a potential target of $2,251, fueling optimism among investors.

For the gold rally to sustain its momentum, prices need to decisively break the current record of $2,236. Achieving this would likely set the stage for an assault on the psychologically significant $2,300 level, a milestone eagerly watched by market participants.

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EUR/USD dips post-Fed announcement

The EUR/USD currency pair experienced its second consecutive week of decline, barely holding above the crucial March low of 1.0796 by the week’s end. Despite a brief rally to 1.0942 following the Federal Reserve’s monetary policy announcement, optimism surrounding the US economy’s outlook prompted a swift reversal, favoring the US Dollar.

The Federal Reserve’s latest meeting concluded with interest rates remaining steady between 5.25% and 5.50%. Additionally, the Fed’s quarterly Summary of Economic Projections (SEP), often referred to as the dot plot, was unveiled, offering insight into the central bank’s economic outlook and subtly hinting at the possibility of three rate cuts in 2024.