The CBOE VIX Volatility Index edged higher on Wednesday as stocks extended their declines.
The CBOE VIX (VXX) rose for a third straight session on Wednesday, as equities continued to backtrack amid corporate earnings season.
The Chicago Board Options Exchange Volatility Index reached an intraday high 27.23 on a scale of 1-100 where 20 represents the historical average. It would eventually settle up 1.1% at 26.35.
In stocks, the large-cap S&P 500 Index (SPY) fell 0.7% on Wednesday.
iPath S&P 500 VIX Short Term Futures ETN: (NYSEARCA:VXX) Designed to offer exposure to the S&P 500 VIX Short Term Futures Index Total Return. The Index uses CBOE Volatility Index futures by way of a long position in the first and second month VIX Futures contracts. VXX declined 1%.
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 0.3%.
ProShares Ultra Short Term VIX Futures: (UVXY) UVXY is designed to deliver 1.5X (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 1.4%.
The Final Word: Investors continue to eye the global spread of COVID-19. As of Thursday, more than 38.3 million people had been infected with the novel disease, including 7.8 million in the United States.