S&P observes unusual correlations on US markets скачать в хорошем качестве

S&P observes unusual correlations on US markets

Anu Ganti from S&P Dow Jones Indices outlines a notable shift in the volatility landscape, with market attention moving from stock‑specific drivers to macro forces such as geopolitical risk, rising oil prices and inflation. Ganti states that, through February, dispersion is elevated in technology, with software lagging while chipmakers outperform. However, since late February and into March, she notes a decline in dispersion and a rise in stock‑level correlations in the S&P 500, indicating macro risk overshadowing idiosyncratic risk. Ganti highlights that dispersion has been particularly strong across mid and small caps, with smaller stocks showing leadership just before the outbreak of conflict. She points to a rise in both implied and realised volatility, alongside a widening volatility premium. From a sector perspective, Ganti sees energy as a key focus, with rising dispersion among energy industries as investors differentiate between beneficiaries and losers from higher crude prices. Energy is described as acting as a surprising volatility diversifier, with S&P 500 energy moving differently to the broader market. Ganti notes that S&P 500 energy has recently outperformed across large, mid and small caps, while defensive sectors such as consumer staples and real estate have underperformed, which she views as unusual in the current environment.