Weekly Market Recap – October 29, 2021
Heads of state converged on Rome for the annual G-20 meeting. Prior to the start of the summit, President Biden paid a visit to the Vatican to meet with Pope Francis. The FDA authorized Pfizer’s COVID-19 vaccine for children 5-11.
Monthly economic statistics released during the week, compared with the prior reports, were as follows: The consumer confidence index 113.8 vs. 109.8, new home sales 800,000 vs. 702,000, durable goods orders -0.4% vs. 1.3%, pending home sales index -2.3% vs. 8.1%, nominal personal income -1.0% vs. 0.2%, real disposable income -1.6% vs. -0.2%, nominal consumer spending 0.6% vs. 1.0%, real consumer spending 0.3% vs. 0.6%, and core inflation 0.2% vs. 0.3%. The S&P/Case-Schiller home price index for August (year over year) rose 19.8%, unchanged from the rise reported for July. The weekly initial jobless claims were 281,000 vs. 291,000. Quarterly reporting of gross domestic product for Q3 was 2.0% vs. 6.7%.
October’s stock market moves ended with the major indices closing at record highs on Friday: Dow Jones Industrial Average at 35,819.56 (+0.4%), S&P 500 at 4,605.38 (+1.3%), and the NASDAQ Composite at 15,498.39 (+2.7%). The CBOE VIX indicated an increase of volatility, closing at 16.26 (+5.4%). The U.S. Dollar Index crept higher to 94.13 (+0.6%), and the S&P GSCI eased to 588.20 (-0.3%).
All of the seven metal futures we track here ended in the minus column. The final prices were: gold at $1,783.90 (-0.7%), silver at $23.949 (-2.0%), platinum at $1,020.70 (-3.0%), palladium at $1,980.30 (-2.7%), and copper at $4.3680 (-2.9%). Aluminum dropped 5.3%, with the LME Friday settlement at $2,716.50 per metric ton, its lowest end-of-week closing price since late August.
The energy products on the slate we monitor here also had losses across the board. Their settlements and percentage changes were as follows: WTI crude at $83.57 per barrel (-0.2%), Brent crude at $83.72 (-1.1%), ultra-low sulfur diesel fuel at $2.4787 per gallon (-1.7%), and RBOB gasoline at $2.3697 (-1.9%) and natural gas at $5.426 per mmBtu (-0.6%).
Of the nine agricultural contract prices we report, eight advanced, and one retreated. The one in the red was cocoa, finishing at $2,544 per metric ton (-1.5%). The gainers were: soybeans at $12.35¾ (+1.2%), corn at $5.68¼ (+5.6%), wheat at $7.72¾ (+2.2%), coffee at $2.0395 (+2.1%), sugar at 19.27¢ (+1.0%), cotton at 114.85¢ (+6.1%), live cattle went out at 129.275 (+0.7%), and lean hogs closed at 76.075 (+3.8%).
Futures Referenced in Market Recap
Exchange | Commodity | Contract Month |
---|---|---|
CME | Live Cattle | December |
CME | Lean Hogs | December |
CBT | Soybeans | November |
CBT | Corn | December |
CBT | Wheat | December |
ICE | Coffee | December |
ICE | Cocoa | December |
ICE | Sugar | March |
ICE | Cotton | December |
ICE | Brent Crude | January |
NYMEX | WTI Crude | December |
NYMEX | ULSD (Heating Oil) | December |
NYMEX | RBOB (Gasoline) | December |
NYMEX | Natural Gas | December |
NYMEX | Platinum | January |
NYMEX | Palladium | December |
COMEX | Gold | December |
COMEX | Silver | December |
COMEX | Copper | December |
LME | Aluminum | 3 Mo. Forward |
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