Investors are eyeing portfolio protection from a potentially rough stretch in U.S. stocks as they face political uncertainty, big tech earnings and seasonal weakness.
Though stocks rebounded on Monday, there are signs investors are growing increasingly concerned about everything from tech earnings to more twists and turns in the U.S. presidential election. Even artificial-intelligence darling Nvidia, which is up 138% this year, is being regarded with a comparative degree of caution. The ratio of puts-to-call options hit 0.74-to-1 on Friday, the most defensive it has been in about two months, according to Trade Alert data.
One potential trigger for volatility could come as the tech and growth companies that have led markets higher report earnings, starting with heavyweights Tesla and Alphabet on Tuesday afternoon. Tech’s dominance of markets this year, which has drawn comparisons to the ill-fated dotcom boom more than two decades ago, has sparked worries the trade has become vulnerable to selloffs, said Michael Thompson, co-portfolio manager at boutique investment firm Little Harbor Advisors.
October VIX futures, which also encompass the November vote, are trading at the highest level for any contract between August 2024 and January 2025.
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