- CBOE Volatility Index drops to lowest level since early March.
- Energy shares turn south amid slumping crude oil prices.
- S&P 500 Financials Index gains more than 1% on rising T-bond yields.
As hinted by the upbeat performance of major Asian and European equity markets, Wall Street’s main indexes started the day in the positive territory supported by risk-on flows. As of writing, the Dow Jones Industrial Average was up 0.4% on the day while the S&P 500 and the Nasdaq Composite were both gaining 0.7%.
Financial shares gain traction
Reflecting the upbeat market mood, the CBOE Volatility Index dropped to its lowest level since the first week of March and was last seen falling 2.3% on the day near 35 points.
Among the 11-major S&P 500 sectors, the Financials Index is rising 1.25% as the top-performer boosted by a more-than-4% increase in the 10-year US Treasury bond yield. On the other hand, the Energy Index is down 1.65% in the early trade amid a 25% fall in US crude oil prices.
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