Market volatility jumps to its highest level in nearly three weeks

Volatility on Wall Street picked up a noticeable amount of steam on Thursday morning as the S&P VIX Index (VIX) popped up to its highest point in nearly three weeks.

The fear and sentiment index advanced 12% to hit 22.78, a level not observed since October 8.

Furthermore, a break above 23.76 in the VIX would mark the highest point for the volatility gauge dating back to August 9.

Uncertainty across investors was noticed as the tech-heavy Nasdaq Composite (COMP:IND) observed selling pressure, with the index falling more than 2% on the back of a post-earnings plunge in tech giants Microsoft (MSFT) and Meta Platforms (META). MSFT trades lower by 5.7%, while META has lost 3%.

It should also be noted that outside of Thursday’s move, the S&P 500 is looking at one of the least volatile election-year Octobers on record.

Moreover, see a grouping of volatility-based ETFs and ETNs that investors can monitor to gain further exposure towards how market sentiment plays out.

Short Term Volatility Funds: The iPath Series B S&P 500 VIX Short Term Futures ETN (VXX) and the ProShares VIX Short-Term Futures ETF (VIXY).

Medium Term Volatility Funds: The iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and ProShares VIX Mid-Term Futures ETF (VIXM).

Leveraged Volatility Funds: The ProShares Ultra VIX Short-Term Futures ETF (UVXY), ProShares Short VIX Short-Term Futures ETF (SVXY), and 2x Long VIX Futures ETF (UVIX).