​Energy, Tech Add Greater Dispersion

Single stock flow in the U.S. has returned particularly in the energy and technology sectors, as the Chicago Board Options Exchange Volatility Index trends lower. While Chinese equity has reared as a volatility catalyst over the last few weeks, energy prices are again tumbling along with the price of gold, adding to dispersion among constituents of the S&P 500. Meanwhile, the “Four Horsemen” of the tech world, Facebook, Google, Amazon and Netflix continue to beat earnings expectations this quarter.