Weekly Market Recap – January 28, 2022

The Fed indicated it would begin increasing interest rates in March. Justice Stephen G. Breyer, the oldest member of the current Supreme Court, announced his intention to retire.

Monthly economic statistics, compared with previous values were as follows: durable goods orders -0.9% vs. +3.2%, new home sales 811,000 vs. 725,000, consumer confidence index 113.8 vs. 115.2, personal income rose 0.3% vs. 0.5%, real consumer spending -1.0% vs. +0.2%, and disposable income was unchanged at -0.2%. Home prices, as measured by the S&P Case Shiller index (on a year-over-year basis) were 8.8% vs. 19.0%. The quarterly report for GDP in Q4 showed a rise of 6.9% vs. the Q3 gross domestic product of +2.3%. Regarding weekly stats, there were 260,000 initial jobless claims vs. 290,000 the prior week.

Stock market trading for the week was jolted in both directions, ending on Friday in the plus column for the indices we monitor: the S&P 500 settled at 4,431.85 (+0.8%), the Dow Jones Industrial Average went out at 34,725.47 (+1.3%), and the NASDAQ Composite showed a slight 0.01% gain, printing 13,770.57 at the close. CBOE’s VIX gyrated all week but calmed down on Friday to 27.66 (-4.1%). The dollar soared. The U.S. Dollar Index climbed to 97.21 (+1.7%), a level not seen since June 2020. Driven by energy prices, the S&P GSCI hit an eight-year high of 620.34 (+1.9%).

Of the metal contracts we track, four declined and two advanced. Closing prices and percentage changes were as follows: gold at $1,784.90 (-2.6%), silver at $22.301 (-8.3%), platinum at $1,006.60 (-2.8%), palladium at $2,375.30 (+12.9%), copper at $4.3100 (-4.7%), and aluminum at $3,082.50 (+1.4%).

The energy products in our recap rallied across the board. WTI crude rose to $86.82 per barrel (+2.0%). Brent crude added 2.4% with its $90.03 settlement. Heating oil rallied to $2.7855 per gallon (+3.5%), and RBOB gasoline jumped to $2.5423 (+4.1%). Natural gas skyrocketed 22.7% to $4.639 per mmBtu, reacting to both the severe winter storm affecting the eastern half of the U.S. and to European market jitters stemming from fears that Russia may limit natural gas supplies as part of its Ukraine strategy.

The agricultural contracts on our list of nine products ended the week with a score of six up and three down. The gainers were: soybeans at $14.70 (+3.9%), corn at $6.36 (+3.2%), wheat at $7.86¼ (+0.8%), cotton at 123.76¢ (+2.5%), cattle at 138.700 (+0.6%) and hogs at 87.925 (+2.0%). The losers were: coffee at $2.3590 (-0.8%), sugar at 18.20¢ (-3.7%), and cocoa at $2,494 (-3.2%).

 

Futures Referenced in Market Recap

ExchangeCommodityContract Month
CMELive CattleFebruary
CMELean HogsFebruary
CBTSoybeansMarch
CBTCornMarch
CBTWheatMarch
ICECoffeeMarch
ICECocoaMarch
ICESugarMarch
ICECottonMarch
ICEBrent CrudeMarch
NYMEXWTI CrudeMarch
NYMEXULSD (Heating Oil)February
NYMEXRBOB (Gasoline)February
NYMEXNatural GasApril
NYMEXPlatinumApril
NYMEXPalladiumMarch
COMEXGoldFebruary
COMEXSilverMarch
COMEXCopperMarch
LMEAluminum3 Mo. Forward

 

 

Trading futures and forex involves a 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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