Weekly Market Recap – June 4, 2021
The weekly initial jobless tally was 385,000 new claims vs. the previous 405,000. Nonfarm payrolls showed a 559,000 increase; Wall Street had predicted 671,000. The unemployment rate is now 5.8% vs. 6.1% a month ago. Some analysts attributed the uptick in the labor market to more Americans getting vaccinated, and the easing of pandemic restrictions that propelled a burst of economic activity. Yet, there are 7.6% fewer jobs now than in February 2020. Construction spending rose 0.2% for April, compared with the 1.0% increase in March. April factory orders fell 0.6% vs. a prior 1.4% increase.
The benchmarks in the equities indices we track here moved slightly higher for the week: the DJIA rose 0.7%, closing at 34,756.39 on Friday, the S&P 500 increased to 4,229.89 (+0.6%), while the NASDAQ Composite ended at 13,814.49 (+0.5%). Volatility eased somewhat, as per CBOE’s VIX, which settled at 16.42 (-2.0%). The U.S. Dollar Index ticked up 0.1%, to go out trading 90.13 at the week’s end. Commodities, as a group, strengthened. The S&P GSCI closed at 533.73 (+2.8%), its highest level since October 2014.
Except for palladium, the metals on our radar declined in price. July silver slipped 0.4%, ending at $27.896 per troy ounce. Gold eased 0.7% to its $1,889.80 settlement price. Platinum fell -1.5% to its $1,164.40 close. Palladium traders managed to produce a positive net change (+0.5%) to its $2,837.90 final mark. Base metals backed off as well, with July COMEX copper closing at $4.5290/lb., and LME aluminum dropping 1.1% to $2,455.00 per metric ton.
On the price charts, energy futures kept rising. NYMEX WTI added 5.0% to reach $69.62 per barrel. ICE Brent crude increased 3.2%; ending at $71.89 on Friday: crude’s highest level since October 2018. U.S. refined products advanced as follows: ultra-low sulfur diesel fuel rose 4.0%, closing the week at $2.1199, and RBOB gasoline added 3.5% to $2.2115 per gallon. Natural gas firmed by 3.7%, taking the July futures to $3.097 per mmBtu.
Among the nine agricultural products featured here, gainers outnumbered losers 7 to 2. Soybeans closed at $15.83¾ (+3.5%), wheat moved up 3.7%, ending the week at $6.87¾, while corn settled at $6.82¾ (+4.0%). Coffee showed a slight downturn this week; the July contract lost 0.4%, closing at $1.6165 per pound. Cocoa inched a bit lower, declining 0.1% to its $2,409/ton settlement. Sugar ended the week at 17.71¢ per pound (+2.0%). Cotton prices rallied 4.0%, taking the July futures to 85.80¢. The cyberattack on JBS (the world’s largest processor of beef and pork products) seemed a flash in the pan, as the livestock markets we track ended the week subdued, considering live cattle’s volatile plunge on Monday. Cattle’s weekly move was a 0.8% gain, closing at 116.825, while live hog contracts climbed 1.9% to a 119.500 settlement.
2021 World Cup Championship of Futures Trading®
|1||Kevin McCormick||120.2%||United States|
|5||Graeme Adams||58.9%||New Zealand|
January 1, 2021 – June 10, 2021
2021 World Cup Championship of Forex Trading®
|4||Robert Miner||69.1%||United States|
January 1, 2021 – June 10, 2021
2020-2021 Global Cup Trading Championship
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.