CBOE VIX Volatility Index carves out narrow trading range on Thursday.
The CBOE VIX (NYSEARCA;VXX) was little changed Thursday, as stocks tried for new highs following Jerome Powell’s second round of congressional testimony.
The Chicago Board Options Exchange (CBOE) Volatility Index, commonly known as the VIX, traded between 12.39 and 13.33 on Thursday. It would eventually settle at 13.04, having gained 0.1%.
In stocks, the large-cap S&P 500 Index (NYSEARCA:SPY) edged up 0.2%.
ProShares Short VIX Short-Term Futures (SVXY) to track the inverse daily performance of the S&P 500 VIX Short Term Futures Index. SVXY advanced 1%.
ProShares Ultra Short Term VIX Futures: (NYSEARCA:UVXY) UVXY is designed to deliver 2X (leveraged) returns of the day’s moves in the S&P 500 VIX Short Term Futures Index. It tacks the two front months of the futures contract. UVXY declined 2.5%.
VelocityShares Daily 2x VIX Short Term Futures ETN (NYSEARCA:TVIX) TVIX is a leveraged VIX ETN designed to deliver 2X the returns of the daily S&P 500 Short Term Futures Index. TVIX declined 2.8%.
The Final Word: Volatility is showing little signs of returning now that markets have priced in a quarter-point rate cut in July. Fed Fund futures prices suggest there will be multiple interest rate cuts before the year is over.