Key Takeaways with Craig

Due to meeting schedules, we’re writing today’s Key Takeaways column during mid-day trading action.  Despite a CPI release that reflected higher than expected core inflation, US Treasury yields were slightly lower and Equity prices were higher.  After an initial rise in yields immediately following the inflation number release, in early afternoon action, CME’s Micro 2-Year Treasury Yield future was down by 3.5 basis points and the Micro 10-Year was down by about 2.  CVOL in Treasury options was slightly lower.

The Nasdaq was leading equity price gains, up by about .7%, while the S&P 500 and Dow were up slightly and the Russell 2000 was down by a bit.  As you can see from the blue line in the QuikStrike graph below, 30-day at the money implied volatility in CME’s E-mini Nasdaq-100 options is the lowest it’s been since early November, 2021. 

Daily price changes in most of CME’s markets were fairly muted on the day as FX futures were little changed against the US Dollar, Gold was near steady on the day and WTI Crude Oil fell by just about .5%. 

Looking ahead, tomorrow brings us the release of the Producer Price Index, Jobless Claims, Retail Sales and the ECB decision on interest rates.  We’ll be back then to report on CME market reaction. 

Today's Future Price Action

Traders Resources

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