Key Takeaways with Craig

Despite a rise in US Treasury yields, particularly at the short end of the curve after a stronger than expected April Employment report, US Equity prices shot higher today.  After a volatile first week of May, here are some of the net price and volatility changes after the dust has settled using data from QuikStrike and CVOL:

  • After today’s rally the price of E-mini S&P 500 futures was down by less than 1% and E-mini Nasdaq-100 was nearly unchanged.  Implied volatility in the options markets in both fell today but wound up higher on the week in the S&P 500 and lower in the Nasdaq-100.
  • Despite a price rally today, WTI Crude Oil prices were down by 7% on the week while CVOL levels in the options traded higher.
  • Both Gold and US Treasury futures prices experienced much intra-week volatility but wound up little changed on the week.  CVOL levels in both traded higher. 
  • Natural Gas futures price volatility continues as the price dropped by 12% on the week, though CVOL was lower.

That’s where we stand as we move further into May and as spring/summer temperatures return to Chicago this weekend.  Even as stock prices rallied today, the market continues to contemplate the health of the regional banks in the US and, of course, the debt ceiling issue and we’ll be here reporting on CME Group markets.  Have a safe and happy weekend and we’ll see you on Monday.  

Today's Future Price Action

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