{"slug":"market-recap-2026-07-02","qid":"baseline_spread_rank","label":"Was liquidity unusual? SPY's regular-hours median spread vs the trailing month of sessions","post_title":"Market Recap: July 2, 2026, The Day in Numbers","post_url":"/blog/market-recap-2026-07-02#q-baseline_spread_rank","columns":["jul2_median_spread_bps","trailing_median_bps","jul2_minus_trailing_bps","wider_rank","sessions_compared","widest_session_bps"],"rows":[{"jul2_median_spread_bps":0.27,"trailing_median_bps":0.27,"jul2_minus_trailing_bps":0,"wider_rank":11,"sessions_compared":22,"widest_session_bps":0.409}],"shape":"scalar","sql":"WITH per_day AS (\n    SELECT toDate(sip_timestamp) AS d,\n           quantileExact(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000) AS med_bps\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker = 'SPY'\n      AND sip_timestamp >= '2026-06-02 00:00:00' AND sip_timestamp < '2026-07-03 00:00:00'\n      AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199\n      AND toFloat64(bid_price) > 0 AND toFloat64(ask_price) > toFloat64(bid_price)\n    GROUP BY d\n)\nSELECT\n    round(anyIf(med_bps, d = toDate('2026-07-02')), 3) AS jul2_median_spread_bps,\n    round(quantileExact(0.5)(med_bps), 3) AS trailing_median_bps,\n    round(anyIf(med_bps, d = toDate('2026-07-02')) - quantileExact(0.5)(med_bps), 3) AS jul2_minus_trailing_bps,\n    arrayCount(x -> x > anyIf(med_bps, d = toDate('2026-07-02')), groupArrayIf(med_bps, d != toDate('2026-07-02'))) + 1 AS wider_rank,\n    count() AS sessions_compared,\n    round(max(med_bps), 3) AS widest_session_bps\nFROM per_day","computed_at":"2026-07-26T05:47:56.728536+00:00","elapsed":48.781546302}