Stock Market Falls Following Tesla, Netflix Earnings: This ETF Tracks Volatility In Broad-Based US Equities
Portfolio Pulse from Melanie Schaffer
Convexity Daily 1x SPIKES Futures ETF (SPKX) was trading over 2% higher on Thursday, bouncing up from near the $9 level. The ETF tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities. The Federal Reserve’s next meeting is on July 25 and 26, when the central bank is expected to announce another 0.25% rate hike. Tesla and Netflix's bearish reactions to their Q2 earnings have drawn the S&P 500 lower and caused the VIX to rise about 1.9%. This could increase stock market volatility and send SPKX higher.
July 20, 2023 | 5:02 pm
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SPKX was trading over 2% higher on Thursday. The ETF could continue to rise due to expected rate hike by the Federal Reserve and bearish reactions to Tesla and Netflix's Q2 earnings.
SPKX is expected to rise due to the anticipated rate hike by the Federal Reserve and bearish reactions to Tesla and Netflix's Q2 earnings, which could increase market volatility.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
UVXY, which tracks the movement of the S&P 500 VIX Short-Term Futures Index, could also be impacted by the expected rate hike and bearish reactions to Tesla and Netflix's Q2 earnings.
UVXY could be impacted by the expected rate hike by the Federal Reserve and bearish reactions to Tesla and Netflix's Q2 earnings, which could increase market volatility.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50