Weekly Market Recap – June 25, 2021

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Weekly Market Recap – June 25, 2021

Initial jobless claims fell by only 7,000, as the weekly tally came in at 411,000 on Thursday; 418,000 new claims were filed the previous week. New home sales were 769,000 in May, compared to 817,000 in April. Existing home sales were 5.80 million, a small change from April’s 5.85 million. Durable goods orders for May were up 2.3% compared to the 0.8% drop in April. Personal income for May fell 2.0%, an improvement over April’s 13.1% setback. Consumer spending was unchanged (0.0%) vs. the prior month’s increase of 0.9%. 2021’s first-quarter growth was reported at 6.4%, as measured by gross domestic product, a robust increase from the Q4 GDP of 4.3%.

President Biden and a bipartisan group of centrist senators reached a $1.2 trillion deal to rebuild the nation’s infrastructure. The highly contagious Delta variant of coronavirus has now been detected in 49 states. In the U.S. northwest, triple-digit temperatures set all-time high records for Seattle and Portland.

Leaping out of the gate on Monday, stocks rebounded throughout the week. The S&P 500 and the NASDAQ Composite both had record closes on Friday. The former settled at 4,280.70 (+2.7%), while the latter went out at 14,360.39 (+2.4%). Rising 3.4% for the week, the DJIA ended at 34,433.84. (344 points below its all-time high reached six weeks ago). Volatility receded as the CBOE VIX collapsed 24.5%, finishing at 15.62 points. In currency markets, the U.S Dollar Index slid to 91.81 (-0.6%). Commodities mostly rose, reversing the weakness of the prior week, as evidenced by the S&P GSCI’s up-move to 529.90 (+1.9%)

Metals strengthened in varying degrees. Closing prices and percentages were as follows: gold at $1,777.80 (+0.5%), silver at $26.087 (+0.5%), platinum at $1,103.60 (+6.0%), palladium at $2,637.20 (+6.82%), copper at $4.2920 (+3.2%) and aluminum at $2,486.00 (+4.2%).

The energy sector rallied across the board. Crude futures gained a couple of dollars per barrel, as WTI closed at $73.06 (+3.9%) and Brent hit $76.18 (+3.6%). These were nearly three-year highs for both benchmarks, driven by falling inventories and rising demand indicators. Refined products followed suit, with ultra-low sulfur diesel settling at $2.1493 (+2.7%) and gasoline at $2.2639 per gallon (+4.4%). Dangerously high temperatures persisted in the western states, boosting cooling demand and skyrocketing natgas prices by 8.7%. NYMEX Henry Hub natural gas settled at $3.496 per MMBtu.

In the agricultural futures, the nine contracts we cover in our recap, five of them increased, while four declined. Soybeans closed at $13.29¾ (-4.7%). Corn sipped 2.9%, going out at $6.36½ per bushel, and wheat dropped to $6.37 (-3.9%). Coffee rose to $1.5780 per pound (+3.8%), sugar gained 2.9%, ending the week at 16.90¢/lb., and cocoa edged up 0.3% to $2,380 per ton. Cotton for December delivery closed at 87.18¢/lb. (+2.3%). Livestock futures were mixed: live cattle eased to 121.550 (-1.0%) and lean hogs firmed to 106.875 (+6.9%).

 

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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