VIX Still Slightly Elevated Despite S&P 500 Trading Near All-Time Highs

VIX Still Slightly Elevated Despite S&P 500 Trading Near All-Time Highs

Equity index futures are pointing lower before the open as the S&P 500 (SPX) tests resistance at its all-time high. After a three-day rally, investors appear to be taking a break ahead of Friday's Consumer Price Index (CPI) report. Despite the recent rally and the S&P 500's relative position to a new high, the Cboe Volatility Index (VIX) is still slightly elevated. The VIX was trading above the 20 level before the bell and appears to reflect a sense of uncertainty that remains among investors. Investor uncertainty is likely around the Fed's ability to taper and manage the inflation situation. Many analysts are viewing the flatter yield curve as the bond market telling the Fed it's going too slow when it comes to tapering. The Fed may feel more comfortable speeding up its tapering plans because initial jobless claims came in at 184, 000 this morning, which was below the expected 215, 000. Some individual stocks are making moves before the opening bell. After Wednesday's close, meme stock GameStop (GME) reported worse-than-expected losses despite higher-than-expected revenue. The company had higher expenses because it loaded up on inventory for the holidays. The company also disclosed an SEC subpoena related to trading