Daily Market Color February 9, 2018Putting the Wild Week in Perspective It’s been a volatile week in financial markets, featuring historic swings in equity prices that have brought major indices in and out of significant 10%? correction territory on a daily basis. Last year’s tranquility in markets seems like a distant memory as the CBOE VIX climbed almost 70% during this week. As seen below, the S&P 500 lost more than 5% of its value during this week alone and is nearly 10% lower than its all-time high achieved on January 28th. However, all three major equity indices finished the week on a high note, gaining roughly 1.4% on the day. Treasury yields/swap rates gapped lower during Tuesday’s session, but have since recovered and are within 5bps of their highest levels in the past four years. The yield on the 10-year note is currently holding near 2.85%. The bearish market sentiment spilled into commodity markets, specifically crude oil futures where increased US production had already weighed on prices, even in the face of OPEC’s supply cutting agreement. WTI crude posted a weekly loss of almost 10%, with the price of barrel falling to $59 – its lowest level since the end of December 2017.