S&P 500 Options Price Higher Volatility Around Nvidia Earnings and Jackson Hole
Traders are positioning for elevated S&P 500 swings around Nvidia’s quarterly results and the Jackson Hole symposium, with implied daily moves well above typical levels.
Options markets point to a more volatile stretch for the S&P 500. The index is pricing a daily implied move of roughly 0.75% for August 27, the day after Nvidia reports quarterly earnings, and about 0.70% for August 28, when the Jackson Hole symposium begins. Both stand out as the most anticipated volatility events of the month.
By contrast, ordinary non-event days this week are seeing implied moves of only about 0.40–0.50%. Options positioning has also flipped from long gamma to short gamma in early August, a shift that can amplify market swings once volatility picks up.
Against that backdrop, the VIX ended last week at 14.3 points, its lowest close since December 2025. The setup suggests more volatility is likely ahead.
Source: The Kobeissi Letter