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ZH: Futures Rebound In Solid Start To Volatile Quad-Witch

The first quad-witching of 2021 has arrived and so far it has been relatively smooth sailing, perhaps because today’s quad witch sees an abnormally low amount of option expiries (for a list of today’s highest gamma single stocks click here).

US equity futures rebounded after Thursday’s rout, led by technology stocks as bond yields withdrew from 14-month peaks and oil prices retraced some losses. At 07:15 a.m. ET, Dow E-minis were up 58points, or 0.18%, S&P 500 E-minis were up 11.75 points, or 0.2% and Nasdaq 100 E-minis were up 69.25.5 points, or 0.53%.

U.S. stocks tumbled on Thursday as Treasury yields jumped to the highest since January 2020, while frosty high-level talks between the U.S. and China also weighed on investor sentiment Friday. Some notable pre-market movers:

  • Oil majors Chevron and Exxon added 1.2% and 1.5% in premarket trading as crude prices stabilized a day after a selloff driven by concerns over demand.
  • FedEx jumped about 3% after the U.S. delivery firm said quarterly profit jumped more than expected on higher prices and surging volume from pandemic-fueled e-commerce deliveries during the holiday shipping season.
  • Nike dropped about 2.7%, leading losses among the 30 Dow components trading before the bell, after the company missed quarterly sales estimates due to shipping issues and a pandemic-related slump at brick-and-mortar stores.

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