In U.S. stocks, SPDR S&P 500 ETF (NYSEArca: SPY) is on pace for a roughly 6% rise in the first quarter.
Exchange-traded products that profit from rising market volatility also lost ground in the first quarter. The $1.4 billion iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca: VXX) is set for a loss of more than 20%. After a spike earlier this month that coincided with a sell-off in equity markets, the CBOE Volatility Index (VIX) has dropped back down, signaling investors are growing more complacent.
Oil prices rallied Thursday and U.S. Oil Fund (NYSEArca: USO) jumped over 2% with the ETF set to close the quarter with momentum near its highs.
For full disclosure, Tom Lydon’s clients own SLV and SPY.