Week of 7/27/2026: Retail Stays Bullish on Hyperscalers Ahead of Earnings
Implied volatilities were mixed across asset classes last week as oil prices spiked on renewed geopolitical tensions. Learn more in this week's Macro Volatility Digest.
Derivatives intelligence for the modern era
Actionable insights and analysis on derivatives market themes and flows, with a focus on Cboe’s leading suite of volatility products. Explore an extensive library of market insights articles authored by our dedicated team, delivering ongoing commentary and expertise across the broader derivatives market.
Subscribe NowMandy Xu leads Cboe’s Derivatives Market Intelligence team, spearheading long-term, data-driven research projects alongside real-time market commentary. Xu produces actionable insights and analysis on derivatives market themes and flows, with a focus on Cboe's leading suite of volatility products. Xu’s perspective is often sought in times of heightened volatility, and she is frequently cited in the financial media, including the Wall Street Journal, CNBC, Financial Times and Bloomberg News.
Read MoreHenry Schwartz provides thorough analyses of derivatives markets activity to identify key trends and trading behaviors. He delivers data-driven insights to a diverse range of clients, including banks, market makers, brokers, proprietary trading firms and retail-focused platforms. Schwartz applies his trading, market structure, and analytics expertise to help inform strategy, product development and internal decision‑making. Additionally, he frequently shares his market perspective at industry events and in the media.
Read MoreEd Tom leads the creation of content related to the Cboe Volatility Index product suite. Tom’s work primarily focuses on developing analytics and research that address trade structuring and implementation, managing risk exposures, identifying relative value opportunities, and optimizing portfolio performance under different market conditions. Additionally, he designs and implements the Derivatives Market Intelligence team’s quantitative analytics and infrastructure, including volatility models, surface construction, backtesting frameworks, and scenario analysis tools.
Read MoreWei Liao leads the development of Cboe’s Derivatives Market Intelligence content in the Asia Pacific (APAC) region, delivering impactful, data-driven insights tailored to clients’ needs. Liao regularly provides derivatives market commentary to media and external partners across the region, helping inform market participants about the current environment and providing actionable insights. Additionally, Liao drives robust client engagement through a variety of platforms, including workshops, panels, speaking events and webinars.
Read MoreA weekly macro commentary email focused on themes and notable moves in cross-asset volatility markets.
Ad hoc thematic pieces providing a targeted analysis on what is trending in the market.
A Tale of Two Markets
Over the past 5 years, trading in S&P 500 Index-linked derivatives has accelerated, with total notional ADV across the three most popular products – SPX Index options, SPY ETF options, and E-mini options on futures.
Cboe® iBoxx® Credit Futures Unpacked
The corporate bond market is undergoing a profound transformation, driven by electronification and a demand for more efficient, standardized instruments. Reflecting this evolution, Cboe® iBoxx® Credit Futures have recently experienced unprecedented growth in market adoption.
0DTEs Decoded
SPX zero day to expiry (0DTE) options trading have grown more than five-fold over the past 3 years, now averaging almost 2M contracts a day. What is driving that growth? Increased utility and wider adoption are two big drivers, with retail powering much of the increase. We estimate that retail now makes up around 50-60% of SPX 0DTE trading.
Stay informed about the latest products and market insights.
Implied volatilities were mixed across asset classes last week as oil prices spiked on renewed geopolitical tensions. Learn more in this week's Macro Volatility Digest.
The accelerating sell-off in chip stocks last week renewed worries over the bigger AI trade, leading to weakness in both the Tech sector as well as the broader SPX® Index. While SPX 1M implied volatility gained 2.6 pts wk/wk, QQQ 1M implied volatility jumped 3.8 pts, and SMH (Semis ETF) 1M implied volatility jumped 5 pts to a 1-year high of 59%. The SMH-SPX 1M implied volatility spread widened to a record high of 44%, now over 5 standard deviations above average. Learn more in this week’s Macro Volatility Digest.
Within equities, we saw notable regional divergence as US and EM equity volatilities declined on the back of the Tech rally while European equity volatility gained due to the resurgence in energy prices. Learn more in this week's Macro Volatility Digest.