Key stock-market volatility gauge set for highest close since May as S&P 500 slumps

A closely watched measure of expected stock-market volatility jumped to its highest reading since May on Tuesday, as the S&P 500 renewed a selloff to trade at its lowest since early June.

The VIX, derived from S&P 500 index options, is a measure of expected volatility over the coming 30 days. The index has been subdued in 2023, trading well below its long-term average near 20, as stocks rallied. It has moved higher as stocks have set back, with the S&P 500 down more than 5% from its 2023 high set on July 31.

The S&P 500 SPX dropped 1.6% to trade at its lowest intraday level since June 8, according to FactSet. The Dow Jones Industrial Average DJIA was off around 400 points, on track to close below its 200-day moving average for the first time since March.

Source: News Formal (newsformal.com)

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