Weekly Market Recap – May 6, 2022

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Weekly Market Recap – May 6, 2022

The Fed announced a 0.5% interest rate increase, the largest increase in the federal-funds benchmark since 2000, as the central bank continues efforts to combat inflation. The water level in Lake Mead, which provides water to the states of Arizona, California, and Nevada, has dropped to its lowest point in the man-made reservoir’s 86-year history, as western states succumb to a third consecutive year of extreme drought.

Monthly economic statistics, compared with prior months were: consumer credit $52 billion vs. $38 billion, new job openings 11.5 million vs. 11.3 million, job resignations 4.5 million vs. 4.4 million, factory orders +2.2% vs. +0.1%, construction spending +0.1% vs. +0.5%, nonfarm payrolls unchanged at 428,000 and the unemployment rate was also unchanged at 3.6%. Quarterly reports came in showing a drop in Q1 productivity of -7.5% vs. +6.3% in Q4. Initial jobless claims rose to 200,000 vs. 181,000 the previous week.

The week in stocks was marked by a huge whipsaw move; Thursday saw the largest daily decline of the year, following the biggest one-day gain in two years. The Dow Jones Industrial Average closed at 32,899.37 (-2.0%) the S&P 500 lost 0.2% to close at 4,123.34, and the NASDAQ Composite went out at 12,144.66 (-1.5%). CBOE’s VIX settled at 30.19 (-9.6%). In currencies, USD Index futures maintained the uptrend, closing the week at 103.694 (+0.7%). In the commodity sector, prices gained overall, as per S&P’s GSCI: that portfolio of futures rose to 769.37 (+1.8%).

All but one of the metal futures we track moved lower. Closing prices and weekly percentage movements were as follows: gold at $1,882.80 (-1.5%), silver at $22.367 (-3.1%), platinum at $956.00 (+1.7%), palladium at $2,023.20 (-12.3%), copper at $4.2670 (-3.2%) and aluminum at $2,842 (-6.9%).

On the energy charts, strength persisted in most of the products we report in this sector. For the week, the final numbers looked like this: NYMEX WTI at $109.77 per barrel (+4.9%), ICE Brent at $112.39 (+4.9%), heating oil at $3.9543 per gallon (-1.6%), RBOB gasoline at $3.7590 (+9.2%), NYMEX natural gas at $8.043 per MMBtu (+11.0%), and ICE Dutch gas at €101.708 per MWh (+2.3%).

In terms of directional movement, the nine agricultural futures we cover in our recap were mixed, with six decreasing and three increasing. The contracts that lost value were: soybeans at $16.22 (-3.7%), corn at $7.84¾ (-3.5%), coffee at $2.1045 (-5.4%), cocoa at $2,492 (-2.9%), cotton at 143.61¢ (-1.4%), and lean hogs at 104.100 (-2.1%). The gainers were: wheat at $11.08½ (+5.0%), sugar at 19.16¢ (+0.1%), and live cattle at 132.750 (+0.1%).

 

Futures Referenced in Market Recap

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

 

Current Standings​

2022 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Marek Chrastina 203.4% Slovakia
2 Marco Vironda Gambin 159.3% Italy
3 Stefano Serafini 143.3% Italy
4 Fabio Viazzo 121.1% Italy
5 Stefano Seibert 117% Germany

January 1, 2022 – September 26, 2022


2022 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Patrick Nill 154.8% Germany
2 K. Takegawa 143.2% Japan
3 Eik Baumgarten 135.9% Germany
4 Thomas Helling 88% Germany
5 Giacomo Merletti 48.2% Italy

January 1, 2022 – September 26, 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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