Weekly Market Recap – April 28, 2023

President Biden announced his re-election bid to run on the 2024 Democratic ticket. First Republic Bank reported the loss of $100 billion in customer deposits since the end of last year. The Southwest Airlines quarterly earnings release cited a 22% revenue surge in March ($5.7 billion in Q1), a huge recovery from its December scheduling debacle.

Monthly economic statistics compared with previous data were: S&P Case-Shiller home price index (year over year) +0.4% vs. +2.5%, pending home sales -5.2% vs. +0.8%, new home sales 683,000 vs. 623,000, durable goods +3.2% vs. -1.2%. personal income (nominal) unchanged at +0.3%, personal spending (nominal) 0.0% vs. +1.1%, consumer confidence index 101.3 vs. 104.0, PCE index +0.1% vs. +0.3% and PCE (year over year) +4.2% vs. +5.1%. Weekly employment figures reported initial jobless claims fell to 230,000 from 245,000 and continuing unemployment claims eased to 1.86 million from 1.87 million. Quarterly stats showed that GDP rose +1.1% in Q1 vs. the Q4 increase of 2.6% and the employment cost index was +1.2% vs. +1.0%.

After sliding at the start of the week, stocks snapped back on Thursday and Friday, pushing the indices we report into positive territory. The DJIA finished at 34,098.16 (+0.9%), the S&P 500 went out at 4,169.48 (+0.9%), and the NASDAQ Composite closed at 12,226.58 (+1.3%). CBOE’s VIX showed that the fear factor was ebbing by 5.9% to 15.78 at the closing bell. In currencies, the USD Index futures slipped 0.1%, settling at 101.403 on Friday. Commodities in the S&P GSCI futures portfolio pressured the index down 1.6% to 564.96 at the week’s end.

Metals were mostly lower. Closing prices and percentage increases were as follows: gold at $1,999.10 (+0.4%), silver at $24.999 (-0.2%), platinum at $1,090.10 (-4.3%), palladium at $1,509.90 (-6.1%), copper at $3.8700 (-2.8%) and aluminum at $2,356.00 (-1.7%).

In energy futures that we monitor, as with the prior week, all moved lower except for NYMEX natural gas. Settlement prices and percentage movements for the contracts in this sector were: WTI crude at $76.78 per barrel (-1.4%), Brent crude at $79.54 (-2.6%), heating oil at $2.3771 per gallon (-4.1%), RBOB gasoline at $2.5301 (-1.8%), NYMEX natural gas at $2.410 (+0.1%) and ICE Dutch gas fell 4.5%, going out at €38.538 per MWh.

The weekly directional movements for the nine agricultural product markets we report were four higher and five lower. The gainers were: sugar at 26.35¢ (+8.3%), cotton at 80.80¢ (+0.8%), live cattle at 165.475 (+0.6%), and lean hogs at 91.700 (+6.5%). The contracts that fell into the red were: soybeans at $14.19¼ (-2.1%), corn at $5.85 (-4.9%), wheat at $6.33¾ (-5.8%), coffee at $1.8595 (-2.9%) and cocoa at $2,937 (-1.5%).

 

Futures Referenced in Market Recap

ExchangeCommodityContract Month
CMELive CattleJune
CMELean HogsJune
CBTSoybeansJuly
CBTCornJuly
CBTWheatJuly
ICECoffeeJuly
ICECocoaJuly
ICESugarJuly
ICECottonJuly
ICEBrent CrudeJune
ICEDutch TTF GasJune
ICEUSD IndexJune
NYMEXWTI CrudeJune
NYMEXULSD (Heating Oil)June
NYMEXRBOB (Gasoline)June
NYMEXNatural GasJune
NYMEXPlatinumJuly
NYMEXPalladiumJune
COMEXGoldJune
COMEXSilverMay
COMEXCopperMay
LMEAluminum3 Mo. Forward

Trading futures and forex involves significant risk of loss and is not suitable for everyone.

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