Stocks Rebound as VIX Cools After Wall Street Sell-Off

And now let's check to see how the trading day is shaping up over in Chicago.

See those V is climbing nearly 7.5% yesterday while stocks fell and yields renewed their rally.

But right now we are looking at the prices of the levels currently flat and pulling back now our correspondent Mark Payton is live from Sebos trading floor.

Happy Friday, Mark.

Break down what we're seeing in pre-market action.

Yes, well, good morning, Remy, and happy Friday.

We're seeing a little bit of a rebound this morning after a pretty rough Thursday on Wall Street.

So starting with the S&P 500, the index fell nearly 0.1% yesterday.

A big part of the pressure came from the bond market.

The 10-year Treasury yield climbed back to around 4.7%, while rising oil prices added to the inflation concerns.

Now this morning, the S&P 500 futures are pointing higher, so we're seeing some buyers step back in after yesterday's selloff.

The VIX will also be interesting to.

Today, it jumped about 8% yesterday as you mentioned, closing just above 16 as higher Treasury yields and inflation concerns gave investors more to worry about.

But keep that in perspective.

16 is still below the longer term average of around 20%, so there's definitely more caution in this market.

But we're not talking about panic.

And this morning the VIX is pulling back to around 15.5%.

So some of that nervousness appears to be easing up a little bit.

And finally, the Russell 2000 small caps actually took a big.

Hit yesterday falling about 1.3% and closing just below 3000.

Higher rates are especially important here.

Smaller companies can be more sensitive to borrowing costs.

So when Treasury yields move higher, small caps can sometimes feel that pressure more.

Russian futures are pointing higher this morning as well.

So we'll see if they can be part of today's rebound.

So the early story here at CEO, stocks are trying to bounce back.

The VIX is cooling off, but investors aren't letting their guard down just yet on this Friday.

Yeah, and of course, Mark, it is Friday and that means all of us are ready for the weekend, especially after this week.

So as we look to next week, all eyes do remain on Fed Chair Kevin Warsh and of course Jackson Hole, Wyoming, but give us a sense of what traders in Chicago are looking for as we head into the upcoming week.

Yes, you know, rates.

I think there's several things that they're keeping an eye on, right?

So when all the numbers with some of these big box retailers trying to get their finger on the pulse of the average consumer, and then the other big thing rates, right?

So the whole thing with borrowing money, an active eye will definitely be capped.

And again, I always go back to that VIX because to me that's the baseline of where we're at.

We were talking about this.

It creeped up a little bit.

Pre-markets starting to drop.

So I think today is going to be a good litmus test of having the pulse of where we're at going into the weekend and seeing how that momentum carries with everything.

So it'll be very interesting to see again the more data that comes out there, the more we can gauge what's happening.

Well, thank you so much for joining us all the way from Chicago, Mark.

Have a great weekend.

You too.

Thanks, Rey.