Crude oil prices are currently the central driver of correlations across financial markets, influencing the VIX, the MOVE index, and S&P credit spreads.

The options market is pricing in an implied one-day stock price move of approximately 6% for Microsoft following its upcoming earnings report, a level considered unusually high for the company.

The VIX reached an intraday high of 31 during the recent conflict, which is significantly lower than the peak of 55 reached during the "tariff tantrum" of the previous year.

Dean Kernit believes that market volatility is significantly influenced by former President Trump's ability to escalate and de-escalate geopolitical situations through social media posts.

Commodity Trading Advisor (CTA) strategies, which had established large short positions, were forced to buy back those positions as prospects of a ceasefire emerged, adding to the market rally.

A one-month, 5% out-of-the-money put option on the S&P 500 currently costs approximately 55 basis points.

The cost of a one-month, 5% out-of-the-money put option on the S&P 500 is now 25% lower than it was the day before the recent war began.