Weekly Market Recap – July 8, 2022

Shinzo Abe, Japan’s former prime minister, was assassinated while giving a public speech on Friday. On Thursday, UK Prime Minister Boris Johnson announced he would step down after a wave of resignations by cabinet officials and members of Parliament. Elon Musk indicated he would withdraw his offer to buy Twitter. In addition, his net worth has reportedly decreased by $65 billion from the stock market’s decline in recent months.

Monthly economic statistics released during the week, compared with prior levels, were as follows: factory orders +1.6% vs. +0.7%, foreign trade deficit -$84.9 billion vs. -$87.1 billion, consumer credit $22 billion vs. $37 billion, wholesale inventories (revision) +1.8% vs. +2.0%, job openings 11.3 million vs. 11.7 million, job quits 4.3 million (unchanged), nonfarm payrolls 372,000 vs. 384,000 and the unemployment rate was 3.6% (unchanged). Weekly initial jobless claims rose to 235,000 from 231,000 the prior week, and continuing unemployment claims rose to 1.38 million from 1.32 million.

USD Index futures went out at 106.821 (+1.8%), its highest end-of-week close since November 2002. Volatility in the stock market was lower than it has been in over a month, as evidenced by the CBOE VIX, which closed at 24.64, down 7.7% from the previous Friday. The Dow Jones Industrial Average settled at 31,338.15 (+0.8%), the S&P 500 rose 1.9%, ending at 3,899.38 at the close, and the NASDAQ Composite finished at 11,635.31 (+4.6%). The S&P GSCI portfolio of commodity futures fell to 697.69 (-3.1%).

Metal contracts we track in our recap had a mixed performance for the week. Closing prices and percentage changes were as follows: gold at $1,742.30 (-3.3%) per ounce, silver at $19.236 (-2.2%), platinum at $882.80 (+1.3%), palladium at $2,156.60 (+11.3%), copper at $3.5220 per pound (-2.3%), and aluminum at $2,436.50 per metric ton (-0.3%).

In energy futures, prices in the two category groups diverged as the petroleum sector fell while natural gas rallied. Final values were: WTI crude oil at $104.79 per barrel (-3.4%), North Sea Brent at $107.02 (-4.1%), heating oil at $3.6729 per gallon (-6.8%), RBOB gasoline at $3.4471 (-6.5%). Natgas firmed on both sides of the Atlantic: NYMEX rose 5.3% to $6.034 per MMBtu, and ICE Dutch gas soared to €175.212 per MWh (+18.6%).

Of the nine agricultural contract prices we report, six advanced and three declined. Those in the red were coffee at $2.2045 per pound (-1.9%), cotton at 95.63¢ (-1.9%), and live cattle at 133.950 (-0.5%). The winners topped off the week as follows: soybeans at $13.96½ per bushel (+0.1%), corn at $6.23½ (+2.6%), wheat at $8.91½ (+5.4%), cocoa at $2,318 per metric ton (+0.2%), sugar at 19.02¢ (+5.3%), and lean hogs at 109.175 (+6.0%).

 

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

 
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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