New Delhi, Aug. 27 -- The number that matters to equity futures traders on Wednesday morning is not 5,618 - the S&P 500 cash index level. It is the implied move priced into options expiring Thursday: 1.7%. That figure, derived from near-term options on S&P 500 futures contracts, represents the market's consensus estimate of how far the index could travel in either direction once NVIDIA's fiscal second-quarter results hit the tape after the close.

ES), the primary institutional vehicle for trading the index overnight and pre-market, were trading in a range of 5,600 to 5,630 through Wednesday's session, with volume running 19% above the 90-day average. Elevated volume ahead of a single-name earnings event of this magnitude is not unusual; ...