– the VIX – rises to the highest since the pandemic market plunge in 2020

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The Cboe Volatility Index broke above 50 on Monday morning, up from about 23 on Friday

This is the highest the VIX has been April 2, 2024, shortly after the Federal Reserve's emergency actions during the Covid 19 pandemic, according to FactSet.The VIX is calculated based on market pricing for options on the S&P 500.

A key measure of expected volatility in the stock market surged to its highest level in more than four years on Monday morning as as global equities fell sharply.This is the highest the VIX has been since hitting an intraday high of 57.24 on April 2, 2024, shortly after the Federal Reserve'sduring the Covid 19 pandemic, according to FactSet. The VIX rose as high as 85.47 in March 2020, according to FactSet.

The VIX is calculated based on market pricing for options on the S&P 500. It is designed to be a measure of expected volatility over the next 30 days, and is often referred to as Wall Street's"fear gauge."Sign up for our free Olympics Headlines newsletter. While spikes in the VIX often coincide with deep market sell-offs, they can also be short-lived and precede a rebound for stocks."You have to watch the VIX. When the VIX peaks and starts to roll over and fall down, the recovery can be just as quick," Fundstrat head of research Tom Lee said Monday on CNBC's"

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