Friday Felt "More Like A Rush To Protect Than A Rush To Exit"; Top Goldman Trader

Friday’s trade and tariff headlines fueled worries around a replay of April.

The moves triggered heavy index-level hedging and record option volumes, even as cash equity trading remained relatively muted... S&P share volumes were only up +9% versus the 20-day moving average, while total U.S. options volume hit a new all-time high, eclipsing 100mm contracts for just the second time (April 4th was the other — when the market fell -5.97%).