At-a-Glance
Key Takeaways with Craig
US Equity prices sold off sharply to conclude the first week of trading in September. After the dust had settled on the holiday-shortened week, both equity prices and US Treasury yields wound up lower than they were at the end of August. Below is the chart detailing the price and volatility changes using QuikStrike and CVOL data and here are some highlights:
- As stated, US Equity Indexes were sharply lower today and down by between 5% and 7% on the week. Implied volatility in CME’s Equity Index options spiked with the price break.
- US Treasury Yields fell and the yield curve between 2-Years and 10-Years returned to a “Normal” shape, with the 10-Year Yield future trading about 15 basis points higher than the 2-Year. CVOL fell today, after the release of the August Employment report, but remained higher on the week.
- CME’s 2-Year Treasury Yield future fell all the way to about 3.56%
- WTI Crude Oil futures prices fell to about $68 per barrel and CVOL in the options traded higher.
- Bitcoin futures prices were down by about 9% on the week.
So, as summer unofficially came to an end with last weekend’s Labor Day holiday, volatility wasted no time returning to CME’s financial markets. We wish everyone a safe and happy weekend and we’ll see you all Monday.
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