21:39 BSTThematic Pillar Hub · 1 Published Briefings
Markets institutional intelligence, quantitative benchmarks, primary regulatory filings, and market structure analysis from QuantCalc Tools. Thursday’s Nasdaq decline is a completed print. Friday’s US indexes were still trading on Friday afternoon in New York. Mixing the two is how a desk invents a close that has not happened.
Curated by Elena Rostova, FRM, CQF (FRM, Certificate in Quantitative Finance (CQF)) · Fact-checked by QuantCalc Tools Institutional Review Board
Thursday’s Nasdaq decline is a completed print. Friday’s US indexes were still trading on Friday afternoon in New York. Mixing the two is how a desk invents a close that has not happened.
CAGR calculator →
Compound annual growth rate between two values, with a year-by-year projection.
FX forward rate calculator →
Forward exchange rate and forward points from spot and two interest rates (covered interest parity).
Value at Risk (VaR) calculator →
Parametric VaR and Expected Shortfall for a position, at 95% or 99% confidence.
SOFR overnight compounding & carry calculator →
Daily compounded SOFR in arrears (ACT/360), effective annual yield and net levered carry.
Kelly criterion optimal fraction calculator →
Full, Half and Quarter Kelly position sizing, expected edge and geometric log growth rate.
Sharpe & Sortino ratio benchmark calculator →
Risk-adjusted performance across Sharpe ratio, Sortino downside ratio and Information ratio.
This note does not say that. Yahoo Finance’s live blog at 2:45 p.m. New York time had the Nasdaq below the flatline. The closing auction had not been reported in the sources used here.
Reuters reported a 2.6% drop in the Nasdaq Composite, a 7% drop in Meta, a 12% drop in Lam Research, a 4% drop in Nvidia, a 9% drop in SpaceX and a 6.7% drop in the Philadelphia Semiconductor Index.
Thursday can. Friday cannot, until the close is published. A model that treats an intraday reading as a daily return is measuring the wrong interval.