Weekly Market Recap – July 1, 2022

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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

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

 

Current Standings​

2022 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Marek Chrastina 209.7% Slovakia
2 Stefano Serafini 194.4% Italy
3 Frantz Gheller 139% Canada
4 Marco Vironda Gambin 134.8% Italy
5 Fabio Viazzo 108.2% Italy

January 1, 2022 – August 9, 2022


2022 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 K. Takegawa 187.5% Japan
2 Patrick Nill 113.4% Germany
3 Thomas Helling 111% Germany
4 Eik Baumgarten 97.2% Germany
5 Giacomo Merletti 31.8% Italy

January 1, 2022 – August 9, 2022


2021-2022 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
1 Kevin Stufflebeam 392.9% USA Futures
2 Antonio Ferlito 133.2% Italy Futures
3 Patrick Nill 94.5% Germany Forex
4 Brent Carlile 66.3% Netherlands Futures
5 Philipp Kozalla 64.1% Germany Futures

June 1, 2021 – May 31, 2022 – 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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