Wall Street 'Fear Gauge' Logs Record Jump as Investors Bet on More Turbulence

On Monday, Wall Street’s key volatility gauge, the Cboe Volatility Index (VIX), experienced its largest intraday spike in history, reaching 65.73 before closing at 38.57—the highest level since October 2020. This surge reflects traders hedging against heightened market turbulence amid a global selloff driven by U.S. recession concerns. The S&P 500 fell as much as 4.3% during the session, closing down 2.98%, marking an over 8% decline from its peak last month.