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Crude oil prices are currently the central driver of correlations across financial markets, influencing the VIX, the MOVE index, and S&P credit spreads.
According to a report from Axios, 75% of casualties in the Russia-Ukraine war are caused by drones.
The United States has conducted its largest military buildup in the Middle East region since the period preceding the Iraq War.
The cost of the current war to the American taxpayer over its first two months is estimated at $42 billion, according to the Penn Wharton Budget Model.
Top US military leaders, including General Randy George and Chairman of the Joint Chiefs of Staff C.Q. Brown, have recently been dismissed from their positions.
The VIX index, a measure of market volatility, recently fell from a high of 31 to 18.
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.
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.
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.
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.
Pakistan, Turkey, Oman, and China are actively involved in diplomatic efforts to broker a ceasefire and restart negotiations in the current Middle East conflict.