Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTRich DupreyMon, June 29, 2026 at 4:48 PM GMT+2 4 min readQuick ReadThe VXN-VIX spread hit a 23-year record of 12 points, signaling tech-specific anxiety rather than a broad market collapse.CNN's Fear & Greed Index crashed to 24.8, a level that signals Extreme Fear, even as the S&P 500 holds 7.4% gains for the year.Historically, when sentiment deteriorates faster than prices, markets have rewarded investors who stay diversified and target strong free cash flow.Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.The stock market has become noticeably more unsettled over the past month. The S&P 500 closed on Friday at 7,354, down 3.3% from its June 2 record high of 7,609. Ordinarily, a pullback of that size wouldn't attract much attention. What makes this one different is the surge in investor anxiety beneath the surface.24/7 Wall St.Volatility in technology stocks has exploded, sentiment has fallen into "Extreme Fear" territory, and options traders are paying up for downside protection at levels rarely seen outside major market selloffs. On the surface, those signals look alarming. Dig a little deeper, though, and they paint a more balanced picture than the headlines suggest.Wall Street Is Worried About Tech, Not the Entire MarketOne of the market's most unusual signals today is the widening gap between the Nasdaq-100 Volatility Index (VXN) and the CBOE Volatility Index (VIX).Recently, that spread reached 12 points -- the widest margin in at least 23 years. That's even larger than the peaks recorded during the 2008 financial crisis and the pandemic-driven selloff in 2020.The move has been driven almost entirely by technology stocks. Since early May, the VXN has climbed roughly 43%, while the VIX has risen just 9%. The spread is important.Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.The Nasdaq-100 is heavily concentrated in mega-cap technology companies such as Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), and other AI leaders. A soaring VXN relative to the VIX suggests traders expect larger swings in those stocks -- not necessarily across the broader market. Investors appear to be reassessing lofty valuations rather than preparing for a full-scale market collapse.24/7 Wall St. Extreme fear meets modest damage. Tech volatility just hit a 23-year outlier, creating a high-stakes disconnect that long-term investors can't afford to ignore. © 24/7 Wall St.Sentiment Is Far More Bearish Than Stock PricesTerms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info