Weekly Market Recap – February 21, 2020
In the Markets
Equities began the shortened holiday week by reaching new highs, with the S&P 500 closing Wednesday up 0.18% to start the week, reaching $3,386.15. The rest of the week saw the coronavirus bring markets back down to earth, as the S&P 500 lost 1.43% in the Thursday and Friday sessions on its way to a net loss of 1.25% on the week. The Dow Jones Industrial Average also fell on the week, down 1.4%, while the NASDAQ netted the largest loss of the three major indices, falling 1.6% on the week.
A primary catalyst for the move was when Apple warned of potential revenue dips in March due in part to temporary retail store closures in China in response to the outbreak. The fears amid the coronavirus returned as the market took a more defensive approach.
Crude oil managed a second week in a row of gains, with WTI futures up 2.56%, and Brent futures climbed 2.06%. Gasoline outperformed both crude commodities, gaining 4.25%, while heating oil broke rank on its way to a 0.68% loss. Natural gas had its first week exceeding 3% growth since January as it climbed 3.7% on the week.
As equities fell on the week, precious metals collectively moved forward. Palladium led the charge, surging 11.94% on the week. Silver gained 4.49%, gold climbed 3.91%, while platinum lagged behind with just a 0.97% gain. Copper also managed minor gains, up 0.35%.
Soybeans slipped on the week, falling 0.57%. Corn also fell, albeit at a slower pace, losing just 0.2% on the week. Wheat managed a 1.31% gain, while Lean hogs gained an astounding 19.91%. Coffee fell 0.23%, milk up just 0.12%, while sugar added 3.52%.
World Cup Trading Championships
The first big move of the 2020 World Cup Trading Championships® was made this week, as Ari Masters of Australia threw down the gauntlet by reaching a 365.2% net return through Friday’s close, awaiting the response from the rest of the field. Fabien Fischer finished in second with a net return of 56.8%. Third through Fifth place were separated by just 2.5%, with Raul Andreas Glavan claiming third at a net return of 48.5%, Behrad Gavadji in fourth place at a net return of 46.3%, and Jeffrey Ruff in fifth place at a 46% net return.
Wayne Wan retook first place in the Global Cup, closing Friday with a 161.4% net return, while last week’s leader Maxim Schulz stayed in second place with a net return of 118%. Jan Smolen finished the week with a net return of 93.4% to retain third place. Archie Ma finished in fourth with a net return of 79.5%, while the top five was rounded out by Stefan Seibert and a 61.1% net return.
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