Investors are now waiting for Federal Reserve officials to meet in Jackson Hole, Wyoming this week to discus monetary policy. The Fed minutes will be released Wednesday, August 21. Many anticipate the Fed to scale back its bond purchasing program by September.
Meanwhile, market volatility has been rising this month as fear escalated. The The iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca: VXX), which tracks the CBOE Volatility Index, or VIX, has gained 6.0% over the past week, with investors hedging against a fall correction after such a strong summer and 2013 in general. [VIX ETFs Up Two Weeks in a Row on Market Jitters]
SPDR S&P 500
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own SPY and IWM.