Weekly Market Recap – November 5, 2021
Congress finally passed the $1.2 trillion bipartisan infrastructure bill late Friday evening. Monthly economic statistics, compared with previous releases, were: construction spending -0.5% vs. +0.1%, factory orders +0.2% vs. +1.2%, balance of trade -$80.9 billion deficit vs. -$72.8 billion, consumer credit $29.0 billion vs. $14.0 billion, non-farm payrolls 531,000 vs. 312,000, and the unemployment rate 4.6% vs. 4.8%. Weekly initial jobless claims were 269,000 vs. 283,000.
After steadily rising during the week, stock indices surged more on Friday, taking the benchmarks to new all-time highs once again. The Dow Jones Industrial Average weekly rise to 36,327.95 was a 1.4% increase. The S&P 500 went out at 4,697.53 (+2.0%), and the NASDAQ Composite ended at 15,971.59 (+3.1%). The CBOE VIX rose 1.4% to 16.48. In currency markets, the US Dollar index was stable, closing at 94.21 (the prior week closed at 94.13). Commodities slipped, evidenced by the S&P GSCI (-1.3%), as Friday’s final print was 580.26.
Metals futures that we monitor were mixed as the precious sector increased, and the industrials declined. Settlement prices and their corresponding weekly percentage changes were: gold at $1,816.80 (+1.8%), silver at $24.157 (+0.9%), platinum at $1,035.80 (+1.5%), palladium at $2,027.60 (+2.4%), copper at $4.3430 (-0.6%) and aluminum at $2,556.50 (-5.9%). Aluminum’s weekly close was its lowest since August 20th
The energy futures that we track in our recap were mostly lower for the week. Crude lost a few dollars per barrel, as WTI closed at $81.27 (-2.8%) and ICE Brent slipped to $82.74 (-1.2%). Refined products followed suit, with ultra-low sulfur diesel settling at $2.4556 (-0.9%) and RBOB gasoline at $2.3209 per gallon (-2.1%). Natural gas was the sector gainer, as colder temperature forecasts put an end to the prior week’s down leg on the charts as the front-month contract went out at $5.516 per mmBtu (+1.7%).
Of the nine agricultural contract prices we report, five retreated, and four advanced. Those in the red were: soybeans at $12.05½ (-3.5%), corn at $5.53 (-2.7%), wheat at $7.66½ (-0.8%), coffee at $2.0355 (-0.2%), and cocoa at $2,397 (-5.8%). The gainers were: sugar at 19.94¢ (+3.5%), cotton at 116.87¢ (+1.8%), live cattle at 131.800 (+2.0%), and lean hogs at 76.550 (+0.6%).
Futures Referenced in Market Recap
|NYMEX||ULSD (Heating Oil)||December|
|LME||Aluminum||3 Mo. Forward|
2021 World Cup Championship of Futures Trading®
|1||Kevin S McCormick||253.8%|
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