Weekly Market Recap – September 24, 2021

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Weekly Market Recap – September 24, 2021

Monday saw the biggest drop in the stock market since May. The waves of selling were in response to reports from rating agencies that “default appears probable” for Chinese property giant Evergrande, which is saddled with $300 billion in debt. Another source of pressure on the markets was referenced to Treasury Secretary Yellin’s warning that the U.S. could default on its debt in October if Congress doesn’t act to raise the limit. By Friday’s close, investors had driven the market indices back up, erasing the week’s losses. Some analysts attributed the optimism to signs that the $1 trillion infrastructure bill was gaining traction in Washington.

Monthly economic statistics compared with previous values were: Housing starts 1.62 million vs. 1.55 million, building permits 1.73 million vs. 1.63 million, existing home sales 5.88 million vs. 6.0 million, New home sales 740,000 vs. 729,000, and the index of leading economic indicators 0.9% vs. 0.8%. Real household wealth for Q2 was up 9.2% vs. +12.4%, and Q2 real domestic non-financial debt fell 1.7% vs. +3.0%. Weekly initial jobless claims were 351,000 vs. 335,000.

In the aftermath of the above-mentioned stock plunge on Monday, the indices we track here squeaked their way back on track to close minimally higher for the week. The Dow Jones Industrial Average rose 0.6% to 34,798.00, the S&P 500 ended at 4,455.48 (+0.5%), and the NASDAQ Composite had a slight increase to 15,047.70 (+0.02%). CBOE’s VIX, having spiked to 28.79 on Monday, ended the week at 17.75 (-14.7%). The U.S. Dollar Index finished at 93.27 (+0.03%). Commodity prices firmed 2.0%, as evidenced by the S&P GSCI, settled at 549.72 on Friday.

In metals futures, the contracts on our radar were mostly higher. The settlements and corresponding percentage movements were: gold at $1,751.70 (+0.02%), silver at $22.425 (+0.4%), platinum at $979.90 (+5.3%), palladium at $1,951.10 (-1.6%), copper at $4.2855 (+0.9%), and aluminum at $2,915.50 (+1.0%).

Energy markets maintained strength from the prior week. NYMEX WTI advanced to $73.98 per barrel, up 3.0%. ICE Brent rallied to 78.09 (+3.7%). U.S. refined products also rose: heating oil gained 2.6%, closing the week at $2.2671, and RBOB gasoline added 0.7% to $2.1875 per gallon. Natural gas went out at $5.140 per mmBtu (+0.7%).

Six of the nine agricultural products we report moved higher and three of them decreased. The gainers were: soybeans at $12.85 (+0.1%), wheat at $7.23¾ (+2.1%), coffee at $1.9435 (+4.3%), cotton at 95.99¢ (+4.0%), live cattle at 122.925 (+0.1%), and lean hogs, closing at 87.275 (+1.8%). The negative moves were in corn at $5.26¾ (-0.1%), sugar at 19.10¢ (-0.4%), and cocoa at $2,591 (-2.8%).

 

Futures Referenced in Market Recap

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

 

Current Standings​

2021 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Kevin S McCormick 205.6% United States
2 Nikolai Dmitriev 182% Russia
3 Jürg Diemand 158.2% Switzerland
4 Graeme Adams 118% New Zealand
5 Lisa Chen 87.7% Canada

January 1, 2021 – October 14, 2021


2021 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Raul Glavan 285.5% Germany
2 Patrick Nill 246.9% Germany
3 Cristian Franchi 168.9% Italy
4 Sergey Shirko 132.8% Latvia
5 Tobias Baerlin 104.2% Germany

January 1, 2021 – October 14, 2021


2020-2021 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
1 Jan Smolen 247.6% Slovakia Futures
2 Stefan Seibert 222.7% Germany Futures
3 Marek Chrastina 182.4% Slovakia Futures
4 Patrick Nill 125.7% Germany Futures
5 Maxim Schulz 78.8% Germany Futures

June 1, 2020 – May 28, 2021 – Final

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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