Weekly Market Recap – July 30, 2021

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Weekly Market Recap – July 30, 2021

 

2021’s second-quarter growth was reported at 6.5%, as measured by gross domestic product. This slight increase from the Q1 GDP of 6.3% takes the U.S. economy above its pre-pandemic level. Weekly Initial jobless claims dropped to 400,000 vs. 424,000. Monthly June statistics, compared with May, were as follows: New home sales were 676,000 vs. 724,000, durable goods orders were up 0.8% vs. a 3.2% rise, personal income rose 1.1%, an improvement over the prior 2.2% drop, and consumer spending was up 1.0% vs. the previous 0.1% decline.

On Wednesday, details of The Bipartisan Infrastructure Deal circulated through the media: $110 billion for roads, bridges, and major projects, $66 billion for passenger and freight rail, $65 billion for broadband, $39 billion for public transit, $17 billion for ports and waterways, and $46 billion to help states and cities prepare for the consequences of climate change.

Stock market indices held their ground. The benchmarks we track all poked into new record-high territory during the week, but eased a bit on Friday. For the week, the DJIA slipped 0.4% to 34,935.47, the S&P 500 also decreased 0.4%, ending at 4,395.26, and the NASDAQ went out at 14,672.68 with its 1.1% slide. Volatility picked up somewhat and pushed CBOE’s VIX 6.0%, ending at 18.24 on Friday. The U.S. Dollar Index came off to 92.09 (-0.9%). The basket of commodity futures in S&P’s GSCI increased 1.6% to a 541.12 close.

Of the six metal futures we focus on in our recap, four moved higher and two moved lower. The gainers were: gold at $1,817.20 (+0.6%), silver at $25.547 (+1.2%), copper at $4.4825 (1.9%), and aluminum at $2,591.50 (+3.5%). Aluminum has not traded this high since February 2011. The two weaker contracts closed as follows: platinum at $1,048.40 (-1.2%) and palladium at $2,656.20 (-0.2%).

On the energy futures charts, the uptrend returned in the petroleum sector. For the week, NYMEX WTI advanced to $73.95 per barrel, up 2.6%. ICE Brent increased to 75.41 (+2.7%). U.S. refined products strengthened, as well: heating oil gained 2.8%, closing the week at $2.1956, and RBOB gasoline rose 3.3% to $2.3347 per gallon. Natural gas sold off for the week, going out at $3.914 per mmBtu (-3.2%) on forecasts for milder U.S. temperatures.

Of the nine agricultural futures we monitor, five decreased, one was unchanged, and three increased. Soybeans closed at $13.49¼ (-0.2%). Both corn and wheat rose, with the former gaining 0.4% to $5.45¼, and the latter rallying 2.9% to $7.03¾ per bushel. Coffee finally had a correction from its recent meteoric rise, giving back 5.0% to $1.7955 per pound. Sugar futures went out at 17.91¢ (-1.4%). Cocoa firmed to $2,366 per ton (+1.9%). Cotton slipped 0.3%, ending at 89.39¢ per pound. Cattle prices were flat, settling at 127.200 (0.0%). Hogs took a 5.0% dive, closing at 88.025 in the final session of the week.

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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