Market Fear Gauge Is Creeping HigherStock Market News From Aug. 21, 2025: S&P 500 Falls a Fifth DayLast Updated:20 hours agoThe Cboe Volatility Index, also known as the market’s fear gauge, was inching higher on Thursday as stocks ticked lower.The VIX was up slightly from yesterday’s close at 16.06; it jumped on Wednesday after President Donald Trump called on Federal Reserve Governor Lisa Cook to resign, adding to the pressure campaign on the central bank. The VIX was trading at about 14.4 five days ago.Still, any reading below 20 is usually considered to mean that markets are relatively calm. The index last had a sudden jump higher in April when Trump announced widespread tariffs; it briefly spiked higher than 50 at the time.