Key Takeaways with Craig

US Equity prices spend most of the day in positive territory and closed mixed, as the Dow was down by less than 100 points while the Nasdaq train kept-a-rollin’, up by about .55%.  The Nasdaq did close off of earlier highs and it’s worth noting implied volatility in CME’s E-mini Nasdaq-100 options ticked slightly higher, even with the price rally. Still to come this week, US GDP will be released tomorrow, providing the latest view into growth in the US Economy and the PCE report on Friday will give us another look at domestic inflation.  The market moving potential of these releases is not lost on the options market as you can see in the QuikStrike graph below which depicts the implied volatility curve in E-mini Nasdaq-100 options.  As is denoted on the graph, volatility is traded at an elevated level in the options that expire after tomorrow’s GDP, Friday’s PCE and next Friday’s Jobs report. 

Other notable moves in CME Group markets include Natural Gas futures prices, up by over 9.5% today, WTI Crude Oil was up by nearly 1.5% and Copper, which was higher by about 2%.  US Treasury yield changes were muted ahead of the upcoming economic reports, with the Micro 2-Year Treasury Yield future up by about 1.5 basis points and the Micro 10-Year up by about 3.5 bps.  

Today's Future Price Action

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