- Large caps and Big Tech closed slightly lower last week, while small caps continue to outperform for the month. At the time of recording, the S&P 500 is up slightly higher, with Big Tech lagging and the Russell 2000 Index nearing record highs.
- 30-day S&P 500 Index realized volatility remains in the low 20s and one-month forward volatility is at 23.50. The VIX Index is bouncing along the low end of its multi-month range. The index has not dipped below 20 since late February.
- AstraZeneca and the University of Oxford published study results for a third potential COVID-19 vaccine today. Manufacturing data was strong this morning, but uncertainty around the potential for a new stimulus package remains.
- Last week was the first time since September that VIX options calls and puts volume were approximately equal. Historically, more VIX options calls are traded than puts, but persistently high VIX futures levels have changed the standard.
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