The SPY Swings Wildly Following Hawkish Comments At Jackson Hole Symposium: This ETF Tracks Stock Market Volatility
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 (SPY) experienced volatility following Federal Reserve chair Jerome Powell's remarks at the Jackson Hole Symposium, indicating potential interest rate hikes. This led to increased volatility in the stock market, with the ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) spiking up almost 9%. SPKY is a 1.5x leveraged fund that tracks the SPIKES Futures Short-Term Index, similar to ProShares Ultra VIX Short Term Futures ETF (UVXY).
August 25, 2023 | 4:29 pm
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NEGATIVE IMPACT
SPY experienced volatility following Jerome Powell's remarks indicating potential interest rate hikes.
The hawkish comments from Jerome Powell indicating potential interest rate hikes led to increased volatility in SPY. This could potentially lead to a decrease in its price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
UVXY, similar to SPKY, tracks the movement of the S&P 500 VIX Short-Term Futures Index.
UVXY was mentioned in the context of being similar to SPKY in terms of what it tracks. However, there was no specific news or event mentioned that would directly impact its price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
SPKY spiked up almost 9% following the increased volatility in the stock market.
The increased volatility in the stock market led to a spike in SPKY. This could potentially lead to an increase in its price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100