The Market Brief
Global stocks extended their rally, with bullish sentiment getting a boost from growing expectations that the US could secure additional trade agreements following its recent deal with Japan.
Impact Snapshot
🟥 Unemployment Claims - 8:30am
🟥 Manufacturing/Services PMI - 9:45am
Key Earnings (After close): INTC 0.00%↑
Macro Viewpoint
Major indices climbed as optimism around trade talks lifted sentiment, following reports that the US and EU are nearing a deal that would include 15% tariffs on European imports.
The easing of global trade tensions has helped calm investor nerves, reducing concerns over a drawn-out trade war and supporting a broad market rally.
Many traders appear confident that Washington will take a measured stance, aiming to avoid significant damage to corporate earnings before any tariffs take full effect.
Wall St. Prime Intelligence
Vol moved lower y-day and skew flattened out on the rally. As we break through the highs, the VIX roll down is one of the steepest roll downs we've seen in the last 3-4 yrs.
NDX notched its 62 consecutive day above the 20-dma. The last time this happened was January 1999 (1-year later, the index was up 77%).
📰 In today’s Prime Intelligence, we reiterate the latest around institutional U.S. equity derivative strategies, their positioning, and what’s our expectations ahead.
You’ll get an update on:
Volatility targeting funds
Systematic CTAs positioning
Options implied moves
Dealer’s gamma positioning
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