Virus Fears Propel VIX to Biggest Daily Surge Since Volmageddon
- ‘Fear gauge’ has seventh-largest percentage move ever
- Term structure is inverted, with spot well above futures
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The Cboe Volatility Index surged to its highest in more than a year Monday as renewed fears about the coronavirus outbreak battered risk assets.
The VIX, also known as Wall Street’s “fear gauge,” rose 8 points to close above 25 -- its biggest jump since the February 2018 “Volmageddon” meltdown. It was the third straight day of gains for the index and, in percentage terms, its seventh-biggest move ever.