Weekly Market Recap – February 25, 2022

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Weekly Market Recap – February 25, 2022

In the first massive European military operation of its kind since WWII, Russia invaded Ukraine early on Thursday. The news of the invasion triggered panic in Russia’s markets. The Ruble collapsed as much as 85-to-1 against the U.S. Dollar, an all-time low for the currency. Moscow’s stock exchange (MOEX) had plunged 45% by midday Thursday, wiping out $75 billion of value for the country’s largest companies. As the week ended, Ukraine’s capital, Kyiv, was under siege by missile attacks, and more than 1,700 demonstrators in 50 major Russian cities had been arrested for protesting the war.

Home prices, as measured by the S&P Case Shiller index (on a year-over-year basis) were unchanged at 18.8%. Monthly economic statistics, compared with previous values were as follows: pending home sales -5.7% v -2.3%, new home sales 801,000 vs. 839,000, durable goods orders +1.6% vs. +1.2%, consumer confidence index 110.5 vs. 111.1, nominal personal income 0.0% vs. +0.4%, nominal consumer spending +2.1% vs. -0.8%. The revised quarterly GDP report for Q4 showed a 7.0% increase vs. the rise of 6.9% in Q3. Regarding weekly stats, there were 232,000 initial jobless claims vs. 249,000 the week before.

After plunging on Thursday, stocks mostly recovered. Two of the three stock market indices we track moved higher. The S&P 500 finished at 4,384.65 (+0.8%) and NASDAQ Composite gained 1.1% for the week, ending at 13,964.62 on Friday. The DJIA had a slight loss, going out at 34,058.75 (-0.1%). CBOE’s VIX skyrocketed from the invasion panic, but gave it all back the next day, ending at 27.59 (-0.6%). In currency markets, the U.S. Dollar Index was relatively stable, closing at 96.54 (+0.5%). The S&P GSCI benchmark basket of commodity futures increased to 652.61 (+1.4%).

Metals ended mixed. Futures settlement prices and their respective percentage changes were as follows: gold at $1,887.60 (-0.6%), silver at $23.997 (+0.02%), platinum at $1,050.10 (-2.5%), palladium at $2,360.70 (+1.0%), copper at $4.4720 -1.1%) and aluminum at $3,357.50 (+2.9%).

Petroleum sector futures made new contract highs on Thursday and then eased on Friday. NYMEX WTI ended the week at $91.59 per barrel, up 1.5%. ICE Brent rallied to 97.93 (+4.7%). Heating oil gained 2.4%, closing the week at $2.8495, and RBOB gasoline added 2.2% to $2.7273 per gallon. Natural gas moved sharply higher, settling at $4.470 per mmBtu (+5.4%).

Of the nine agricultural contract prices we report, seven fell and two rose. Those that weakened were soybeans at $15.90¼ (-0.7%), coffee at $2.3865 (-3.0%), cocoa at $2,614 (-1.0%), sugar at 17.60¢ (-0.1%), cotton at $118.63 (-2.1%), live cattle at 141.925 (-2.7%) and lean hogs at 103.675 (-5.2%). Those in the black were corn at $6.59½ (+0.8%) and wheat at $8.43 (+5.8%).

 

Futures Referenced in Market Recap

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

 

Current Standings​

2022 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Stefano Serafini 223.7% Italy
2 Marek Chrastina 163.7% Slovakia
3 Allen Swiontek 125.1% USA
4 Jianzheng Li 123.6% USA
5 Marco Vironda Gambin 116.1% Italy

January 1, 2022 – May 19, 2022


2022 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Patrick Nill 107.6% Germany
2 K. Takegawa 74% Japan
3 Eik Baumgarten 67% Germany
4 Kenji Sasaki 60.2% Japan
5 Thomas Helling 54.4% Germany

January 1, 2022 – May 19, 2022


2021-2022 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
1 Kevin Stufflebeam 583.1% USA Futures
2 Antonio Ferlito 132.7% Italy Futures
3 Patrick Nill 94.5% Germany Forex
4 Brent Carlile 64.5% Netherlands Futures
5 Philipp Kozalla 64.1% Germany Futures

June 1, 2021 – May 19, 2022

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