Jackson Hole, Powell and Stock Market
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The construct of volatility derivatives is bullish in its outlook for stocks. The term structures of both the VIX futures and of the Cboe volatility indices slope upwards. Moreover, the VIX futures are trading with a fairly large premium to VIX. Our weighted VIX futures premium calculation remains a bullish levels.
From Tuesday through Thursday, the S&P 500 clocked three new record highs during the trading week ending Friday, 15 August 2025.