The market’s fear gauge was flashing on Tuesday as technology stocks led the big three indexes lower. The CBOE Volatility Index, or Vix, was up 9.6% to 15.61. With implied volatility spiking, consumer staples were an outlier in the session.
U.S. stocks ended sharply higher on Thursday, with the S&P 500 hitting a new record high, after weaker-than-expected retail sales data bolstered hopes among investors that the Federal Reserve would soon start cutting interest rates.
Stocks were barely holding onto earlier gains Wednesday afternoon as traders continued to react to the latest inflation reading and looked ahead to coming economic data. The Dow Jones Industrial Average was up just 11 points.