Nasdaq ends at record high

Recap for February 29

• The Nasdaq index on Thursday notched its first fresh record high since 2021, ending its streak of 569 trading days without one. The other two major equity indexes also were higher with support from shares of Hormel Foods, which was up 14% after earnings topped expectations. Advanced Micro Devices crossed the $300 billion market value line for the first time. The Dow Jones Industrial Average added 47.37 points, or 0.12%, to close at 38,996.39. The Standard & Poor’s 500 added 26.51 points, or 0.52%, to close at 5,096.27. The Nasdaq Composite jumped 144.18 points, or 0.90%, to close at 16,091.92. 

• Improving South American weather sent US soybean futures to a three-year low Thursday with further pressure provided by lackluster US export sales and heavier-than-expected contract deliveries. Corn futures were mixed in volatile technical trading. US wheat futures were mostly higher Thursday, although deferred soft wheat contracts slipped under pressure from a stronger dollar, spillover weakness from corn and soybeans, and stiff global export competition. The May corn future added 1¢ to close at $4.29½ per bu. Chicago May wheat added 1½¢ to settle at $5.76¼ per bu; later months were mixed. Kansas City May wheat added 6¼¢ to close at $5.87¼ per bu. Minneapolis May wheat was up 3¢ to close at $6.59 per bu. May soybeans fell 4½¢ to close at $11.40¾ per bu. May soybean meal added $1.70 to close at $329.20 per ton with later months mixed. May soybean oil edged up 0.02¢ to close at 45.21¢ a lb.

• US crude oil prices closed lower again Thursday. The April West Texas Intermediate light, sweet crude future fell 28¢ to close at $78.26 per barrel.

• The US dollar index closed higher for a third straight session Thursday. 

• US gold futures advanced Thursday. The April contract added $12 to close at $2,054.70 per oz.

Recap for February 28

• Signals of ample supplies of grain in the Black Sea region, including in Ukraine where February grain shipments to date were up 12% year over year, weighed on wheat futures Wednesday. Corn futures advanced modestly in recovery mode after recently touching three-year lows. And soybean futures were higher in short covering moves and technical buying Wednesday. The May corn future added 5¢ to close at $4.28½ per bu. Chicago May wheat fell 9½¢ to settle at $5.74¾ per bu. Kansas City May wheat dropped 4¾¢ to close at $5.81 per bu. Minneapolis May wheat shed 6¼¢ to close at $6.56 per bu. May soybeans advanced 4½¢ to close at $11.45¼ per bu. May soybean meal added $2.60 to close at $327.50 per ton. May soybean oil fell 0.25¢ to close at 44.66¢ a lb.

• US equity markets declined Wednesday under pressure from declining shares of enormous tech companies such as Apple and Alphabet as investors awaited fresh inflation data coming Thursday. The Dow Jones Industrial Average dropped 23.39 points, or 0.06%, to close at 38,949.02. The Standard & Poor’s 500 shed 8.42 points, or 0.17%, to close at 5,069.76. The Nasdaq Composite fell 87.56 points, or 0.55%, to close at 15,947.74. 

• US crude oil prices closed lower Wednesday. The April West Texas Intermediate light, sweet crude future shed 33¢ to close at $78.54 per barrel.

• The US dollar index closed higher for a second day Wednesday on the heels of an eight-day losing streak. 

• US gold futures declined Wednesday. The April contract dropped $1.40 to close at $2,042.70 per oz.

Recap for February 27

• US wheat complex futures advanced across the board Tuesday in technical trading and short covering. Corn futures extended their bounce off the lowest levels in three years as low prices stirred some demand and technical trading and short coverings also lent support. Soybeans went higher earlier on an export sale of US supplies but faltered by closing bells amid continued stiff competition from Brazil for export sales to China. The May corn future was up 2¢ to close at $4.23½ per bu. Chicago May wheat added 9½¢ to settle at $5.84¼ per bu. Kansas City May wheat advanced 9¼¢ to close at $5.85¾ per bu. Minneapolis May wheat added 9½¢ to close at $6.62¼ per bu. May soybeans fell 4½¢ to close at $11.40¾ per bu. May soybean meal dropped $3.70 to close at $324.90 per ton. May soybean oil added 0.51¢ to close at 45.53¢ a lb.

• US equity markets were mixed Tuesday. The Nasdaq approached its record high set in 2021 and the S&P 500 advanced. But the DJIA faltered after US government data indicated consumer confidence dipped lower in February, and domestic orders for durable goods, including appliances, cars and computers, fell more than expected last month. The Dow Jones Industrial Average fell 96.82 points, or 0.25%, to close at 38,972.41. The Standard & Poor’s 500 added 8.65 points, or 0.17%, to close at 5,078.18. The Nasdaq Composite added 59.05 points, or 0.37%, to close at 16,035.30. 

• US crude oil prices closed higher Tuesday. The April West Texas Intermediate light, sweet crude future advanced $1.29 to close at $78.87 per barrel.

• The US dollar index closed higher Tuesday, snapping an eight-session losing streak. 

• US gold futures advanced Tuesday. The April contract added $5.20 to close at $2,044.10 per oz.

Recap for February 26

• Corn and soybeans pulled higher in short-covering Monday after earlier dropping to three-year lows. Wheat futures closed higher as traders adjusted positions ahead of Thursday’s first notice day for March deliveries and with spillover support from corn and soybeans. The May corn future was up 8¢ to close at $4.21½ per bu. Chicago May wheat added 5¾¢ to settle at $5.74¾ per bu. Kansas City May wheat advanced 11¢ to close at $5.76½ per bu. Minneapolis May wheat added 6¢ to close at $6.52¾ per bu. May soybeans rose 3½¢ to close at $11.45¼ per bu. May soybean meal added 60¢ to close at $328.60 per ton, though later months were mixed. May soybean oil added 0.42¢ to close at 45.02¢ a lb.

• US equity markets slipped lower Monday but remained on track for February gains. Shares of Nvidia, which fueled a rally last week on blockbuster earnings, continued higher, but were not a catalyst to lift all boats. The Dow Jones Industrial Average subtracted 62.3 points, or 0.16%, to close at 39,069.23. The Standard & Poor’s 500 fell 19.27 points, or 0.38%, to close at 5,069.53. The Nasdaq Composite shed 20.57 points, or 0.13%, to close at 15,976.25. 

• US crude oil prices were lower Monday. The April West Texas Intermediate light, sweet crude future declined $1.09 to close at $77.58 per barrel.

• The US dollar index declined for an eighth straight trading day Monday. 

• US gold futures declined Monday. The April contract dropped $10.50 to close at $2,038.90 per oz.

Recap for February 23

• US equity indexes were mixed Friday, but all three posted weekly gains of 1.3% or more, notching a sixth weekly win of the eight weeks in 2024 so far. Support came from, among others, rising shares of Nvidia. The artificial-intelligence-focused Big Tech company’s shares soared 17% Thursday and Friday, its market valuation briefly climbing over $2 trillion, after the release Wednesday evening of an earnings report that indicated quarterly sales and forecast topped Wall Street expectations. The Dow Jones Industrial Average added 62.42 points, or 0.16%, to close at 39,131.53. The Standard & Poor’s 500 edged up 1.77 points, or 0.03%, to close at 5,088.8. The Nasdaq Composite shed 44.80 points, or 0.28%, to close at 15,996.82. 

• Wheat complex futures declined Friday and Minneapolis contracts declined for the week. Broader grain market liquidation contributed to Friday’s losses, as did signs of profit taking and continued spillover corn pressure. Prompt corn futures dipped below $4 for the first time since November 2020, weighed down by large US and global supplies. US weekly exports that came in at the lowest levels since May pressured US soybeans along with the news that at least three cargo ships with Brazilian supplies were set to sail to the United States. The May corn future was down 5¢ to close at $4.13½ per bu. Chicago May wheat fell 10¼¢ to settle at $5.69 per bu. Kansas City May wheat declined 6¢ to close at $5.65½ per bu. Minneapolis May wheat dropped 8¾¢ to close at $6.46¾ per bu. May soybeans fell 10¾¢ to close at $11.41¾ per bu. May soybean meal dropped $3.40 to close at $328 per ton. May soybean oil lost 0.20¢ to close at 44.60¢ a lb.

• US crude oil prices were lower Friday. The April West Texas Intermediate light, sweet crude future declined $2.12 to close at $76.49 per barrel.

• The US dollar index declined for a seventh straight session Friday. 

• US gold futures turned higher to close the week. The February contract jumped $18.90 to close at $2,038.60 per oz.