Weekly Market Recap – July 1, 2022
The U.S. Supreme court ruled to limit the ability of the Environmental Protection Agency to regulate carbon emissions from power plants. Chief Justice John Roberts wrote that Congress had not clearly given the agency such authority. Turkey dropped its objection to allowing Sweden and Finland into NATO, which led the alliance to issue formal invitations to join immediately. In Israel, the Knesset voted to dissolve itself, thus collapsing the government. This triggered Israel’s fifth election in less than four years.
Monthly economic statistics released, compared with prior levels were: durable goods +0.7% vs. +0.4%, S&P Case-Shiller home price index (year over year) 20.4% vs. 20.6%, consumer confidence index 98.7 vs. 103.2, real disposable income -0.1% vs. +0.2%, real consumer spending -0.4% vs. +0.3%, Chicago PMI 56.0 vs. 60.3, and construction spending -0.1% vs. +0.8%. On a quarterly basis, gross domestic product (revision) -1.6% in Q1 vs. -1.5% in Q4. Weekly initial jobless claims were 231,000 vs. 233,000. Continuing claims were unchanged for the week at 1.33 million
The downtrend resumed for the stock market indices we track. The Dow Jones Industrial Average closed at 31,097.26 (-1.3%), the S&P 500 lost 2.2% to close at 3,825.33, and the NASDAQ Composite went out at 11,127.85 (-4.1%). CBOE’s VIX settled at 26.70 (-1.9%). In currencies, USD Index futures firmed a bit, ending the week at 104.909 (+0.9%). Prices eased overall in commodities, as per S&P’s GSCI; the portfolio of futures dipped to 719.67 (-2.1%).
Metals sector futures were mostly lower. In the contracts we report here, closing prices and percentage movements were as follows: gold at $1,801.50 per ounce (-1.6%), silver at $19.667 (-7.1%), platinum at $871.30 (-3.5%), palladium at $1,938.10 (+4.5%), copper at $3.6040 per pound (-3.8%) and aluminum at $2,444.00 per metric ton (-0.5%).
In terms of directional movement, energy futures were a mixed bag. For the week, the final results looked like this: NYMEX WTI at $108.43 per barrel (+0.8%), Brent at $111.63 (+2.3%), heating oil at $3.9389 per gallon (-7.2%), RBOB gasoline at $3.6878 (-2.5%), NYMEX natural gas at $5.730 per MMBtu (-8.8%), and ICE Dutch gas at €147.784 per MWh (+14.3%).
Except for a couple of holdouts, agricultural futures moved downward. The contracts that managed to creep higher were coffee and live cattle: the former went out at $2.2465 (+0.6%), while the latter inched up to 134.600 (+0.9%). The balance of the group retreated as follows: soybeans at $13.95¼ (-2.0%), corn at $6.07½ (-9.9%), wheat at $8.46 (-9.7%), sugar at 18.07¢ (-1.3%), cocoa at $2,314 (-4.9%), cotton at 97.48¢ (-0.6%), and lean hogs at 102.975 (-3.6%).
Futures Referenced in Market Recap
|ICE||Dutch TTF Gas||August|
|NYMEX||ULSD (Heating Oil)||August|
|LME||Aluminum||3 Mo. Forward|
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