Weekly Market Recap – August 6, 2021

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Weekly Market Recap – August 6, 2021

 

Nationwide, the Delta variant has now driven the coronavirus new case rate to over 100,000 per day, the highest since November 2020; incentives are now being offered to encourage vaccinations. 50% of the U.S. population is now fully vaccinated. California’s 463,000-acre Dixie wildfire has grown to be the 2nd largest in the state’s history.

Monthly economic statistics for June, compared with May, were as follows: construction spending 0.1% vs. -0.2%, factory orders 1.5% vs. a 2.3%, the trade balance was a $75.7 billion deficit vs. -$71.0 billion, and consumer credit was $24 billion vs. $35 billion. Weekly initial jobless claims dropped to 385,000 vs. 399,000. July non-farm payrolls increased to 943,000 vs. June’s 938,000 new jobs, and the unemployment rate fell to 5.4% from the prior 5.9%.

Stock market indices maintained their upward trend: the Dow Jones Industrial Average settled 35,208.51 (+0.8%), S&P 500 at 4,436.52 (+0.9%), and the NASDAQ at 14,835.76 (+1.1%). CBOE’s VIX tumbled to 16.15, down 11.5% for the week, its lowest Friday close in over a month. The U.S. Dollar Index rose to 92.77 (+0.7%), and the S&P GSCI slid to 522.33 (-3.5%).

Prices retreated for the six metals futures in our recap. Settlements and weekly percentage changes were: gold at $1,763.10 (-3.0%), silver at $24.326 (-4.4%), platinum at $972.20 (-7.3%), palladium at $2,630.10 (-1.0%), copper at $4.3480 (-3.0%) and aluminum at $2,578.00 (-0.5%).

Crude oil contracts took a plunge, as NYMEX WTI ended Friday’s session at $68.28 (-7.7%), and ICE Brent declined 6.2%, to settle at $70.70 per barrel. Refined products retreated, as well. Heating oil lost 5.1%, closing at $2.0845 while RBOB gasoline fell 3.3%, settling at $2.2569 per gallon. Unlike the petroleum sector, natural gas had a robust up-week (+5.8%) going out at $4.140 per mmBtu, the highest since 2014.

Directional movement in the agriculture markets gave our list of nine products an overall score of six higher vs. three lower. The gainers were: corn, with it’s 2.1% rise to $5.56½, wheat at $7.19 (+2.2%), sugar at 18.68¢ (+4.3%), cocoa at $2,417 (+2.2%), cotton at 91.70¢ per pound (+2.6%), live cattle at 127.875 (+0.5%). The contracts that lost value were: soybeans at $13.36¾ per bushel (-0.9%), coffee 2.0% lower, closing at $1.7600/lb., and lean hogs went out at 87.600 (-0.5%).

 

Futures Referenced in Market Recap

Exchange Commodity Contract Month
CME Live Cattle October
CME Lean Hogs October
CBT Soybeans November
CBT Corn December
CBT Wheat September
ICE Coffee September
ICE Cocoa September
ICE Sugar October
ICE Cotton December
ICE Brent Crude October
NYMEX WTI Crude September
NYMEX ULSD (Heating Oil) September
NYMEX RBOB (Gasoline) September
NYMEX Natural Gas September
NYMEX Platinum October
NYMEX Palladium September
COMEX Gold December
COMEX Silver September
COMEX Copper September
LME Aluminum 3 Mo. Forward

 

Current Standings​

2021 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Kevin S McCormick 218.3% United States
2 Nikolai Dmitriev 166.2% Russia
3 Jürg Diemand 166.1% Switzerland
4 Graeme Adams 94.2% New Zealand
5 Kevin Davey 86.9% United States

January 1, 2021 – September 17, 2021


2021 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Raul Glavan 256.2% Germany
2 Patrick Nill 253.8% Germany
3 Cristian Franchi 190.1% Italy
4 Sergey Shirko 181.1% Latvia
5 Robert Miner 113.2% United States

January 1, 2021 – September 17, 2021


2020-2021 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
1 Jan Smolen 247.6% Slovakia Futures
2 Stefan Seibert 222.7% Germany Futures
3 Marek Chrastina 182.4% Slovakia Futures
4 Patrick Nill 125.7% Germany Futures
5 Maxim Schulz 78.8% Germany Futures

June 1, 2020 – May 28, 2021 – Final Pending Audit

Trading futures and forex involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results. World Cup Championship (WCC ) accounts do not necessarily represent all the trading accounts controlled by a given competitor. WCC competitors may control accounts that produce results substantially different than the results achieved in their WCC accounts. WCC entrants may trade more than one account in the competition. CME Group is the trademark of CME Group, Inc. The Globe logo is a trademark of Chicago Mercantile Exchange, Inc.

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