Weekly Market Recap – October 22, 2021

Following FDA authorization, the CDC approved booster shots of the Moderna and Johnson & Johnson vaccines, in addition to the previously approved Pfizer shots for those who are eligible. In Washington, reports indicated that there would be a vote on the infrastructure bill in the coming week.

Monthly economic statistics compared with previous values were: industrial production -1.3% vs. -0.1%, capacity utilization 75.2% vs. 76.2%, housing starts 1.56 million vs. 1.58 million, existing home sales 6.29 million vs. 5.88 million, and the index of leading economic indicators 0.2% vs. 0.8%. Weekly initial jobless claims fell to 290,000 from the prior week’s 296,000.

Persistent concerns about inflation and supply-chain shortages dominated market chatter during the week. The DJI marked a record highest end-of-week close, going out at 35,677.02, up 1.1% from the previous Friday. Also reaching a new record high was the S&P 500, ending at 4,544.90 (+1.6%). The third stock benchmark we track here is the NASDAQ Composite, which rose 1.3% for the week, settling at 15,090.20; its all-time high close was 15,374.33 back on September 7th. Volatility eased 5.3% as the CBOE VIX closed at 15.43. In currency markets, the U.S. Dollar Index slipped 0.4% with its 93.61 final print. The commodity futures portfolio in the S&P GSCI decreased slightly to 590.05 (-0.3%).

Precious metals were mixed and base metals declined. Their closing prices and percentage losses were as follows: gold at $1,796.30 (+1.6%), silver at $24.449 (+4.7%), platinum at $1,052.10 (-0.6%), palladium at $2,035.60 (-2.0%), copper at $4.4980 (-4.9%) and aluminum at $2,868 (-9.6%). Aluminum’s negative performance was it’s greatest weekly decline in 3½ years (-9.9% on April 20, 2018).

Crude oil prices increased, while the other energy contracts on our radar declined. NYMEX WTI closed at $83.76 (+2.5%); IPE Brent settled at $85.53 (+0.8%). Refined products moved lower, as heating oil dropped 1.4% to $2.5389 and RBOB gasoline ended at $2.4821 (-0.2%). In percentage terms, natural gas had the biggest move in this sector, as the November contract dropped to $5.280 per mmBtu. The weekly move of negative 2.4% accelerated the natgas sell-off to 18.3% from its contract high of $6.466 on October 6th.

Of the nine agricultural futures contracts that our recap covers, there were four gainers and five losers. Soybeans inched up to $12.20½ (+0.2%), and corn firmed 2.3%, going out at $5.38 per bushel. Wheat climbed to $7.56 (+3.0%). Coffee fell to $1.9985 per pound (-1.7%), sugar slid 3.6%, ending the week at 19.08¢/lb., cocoa declined 0.9% to $2,583 per ton, cotton rose to 108.26¢/lb. (+0.9%), cattle futures eased to 128.325 (-2.0%), and hogs dropped to 73.325 (-6.3%).

 

Futures Referenced in Market Recap

ExchangeCommodityContract Month
CMELive CattleDecember
CMELean HogsDecember
CBTSoybeansNovember
CBTCornDecember
CBTWheatDecember
ICECoffeeDecember
ICECocoaDecember
ICESugarMarch
ICECottonDecember
ICEBrent CrudeDecember
NYMEXWTI CrudeDecember
NYMEXULSD (Heating Oil)November
NYMEXRBOB (Gasoline)November
NYMEXNatural GasNovember
NYMEXPlatinumJanuary
NYMEXPalladiumDecember
COMEXGoldDecember
COMEXSilverDecember
COMEXCopperDecember
LMEAluminum3 Mo. Forward

 

Current Standings​

2021 World Cup Championship of Futures Trading®
[table “2021-futures-standings” not found /]

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