分析：对冲需求上升预示未来股市波动性将加剧

Analysis: Rising demand for hedging signals increased stock market volatility ahead. Odaily reports that according to foreign media analysis, the momentum of the stock market rally is weakening, and optimistic earnings expectations are under close scrutiny – two signs pointing to a summer filled with volatility. As investors face a growing number of concerns, overall bullish sentiment is being challenged, and market volatility is quietly on the rise. The unwinding of AI-related trades is triggering a strong market rotation. Demand for hedging is rapidly increasing. The Nations SkewDex index, which measures potential tail risks for the S&P 500, has surged to its highest level since April, which could further push up other volatility indicators.

Although the VIX remains below 20 and far from alarming levels, drastic swings in individual stocks are blurring the overall trend. The volatility of core AI-related stocks driving momentum trading has intensified. However, unlike earlier this year, the narrative of "rising stock prices alongside increasing volatility" seems to have disappeared. It has been replaced by sharp stock price declines and continuously climbing volatility levels. (Jin Shi)