Wall Street’s most closely-watched measure of investor nervousness, the Cboe Volatility Index, on Friday hit its highest in nearly seven months, as the S&P 500 slid for the week. The benchmark stock index is down 8% from late July, when it hit its high for the year, though still up 10% year-to-date.
That has left investors piling into other traditional safe-haven assets such as the dollar and gold, as well as short-term debt. Fears that the conflict in the Middle East will widen have made traders more anxious, while a weaker-than-expected earnings report for Tesla this week also darkened the mood.
The week ahead will be busy for markets, with earnings due from Microsoft, Alphabet, Amazon and Meta Platforms - four of the seven U.S. megacap stocks whose gains have powered the S&P 500 higher this year while the rest of the index has lagged. Investors still have some portfolio hedges. Prices for gold have soared 8% since the conflict between Israel and Hamas broke out this month.
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