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Wall Street’s Fear Gauge Surges as New Strain Hits Markets

  • VIX jumps most since February amid fears over new virus strain
  • Leveraged volatility fund surges in U.S. pre-market trading
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Markets Had Covid in Rearview Mirror, Strategist Riley Says

Volatility traders are rushing to bet on turmoil in the U.S. stock market as fears over a new strain of the coronavirus look set to finally end weeks of tranquil trading.

The Cboe Volatility Index, or VIX, jumped as much as 9 points on Friday morning, the biggest intraday move since February, according to data compiled by Bloomberg. It was 7.7 points higher at 26.3 as of 5:40 a.m. in New York, the highest level in more than six months on a closing basis.