US equities recovered some ground in yesterday’s session after the previous day’s record losses. The S&P 500 closed up 1.74% having lost over 4% the day before.
The resurgence in volatility saw the VIX index hit an intraday high of over 50, a level not reached since 2015, having barely exceeded 15 for much of last year.
Although Asian stock markets initially opened much higher on the back of the rebound in the US, that performance has faded. For example the Nikkei having been up as much as 3.4% on the day at one point is back to almost flat.
Similarly, futures on US equity indices are sliding with the Dow off around 1% at the time of writing suggesting the sustainability of Tuesday’s rebound in sentiment isn’t assured at this stage.