Stocks climb as oil prices slide and volatility eases
US stock markets rose sharply at midday Wednesday, with the S&P 500 index gaining just under 2%. The Cboe Volatility Index dropped about four points to below 17, its largest one-day fall since July. Crude oil fell, with WTI trading below $90 per barrel. Energy sector shares were the weakest performers in the index, declining 5.6%. Options activity on the State Street Energy Select Sector SPDR ETF (XLE) rose to more than three times its 30-day average, with 57% of volume in puts.
Key facts
- Options on Rocket Companies doubled their 30-day average, with 90% of 110,000 contracts being calls.
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Why it matters
Sharp moves in oil and energy shares can shift broader market sentiment and investor positioning.
What changed
First published from CNBC