S&P 500 Volatility Hits Highest Level Since November 2022

The S&P 500 has experienced significant volatility over the past ten sessions, with an average peak intraday move of 2% in either direction. This level of volatility is the highest since November 2022, marking a notable shift after a period of calm in the markets. Goldman Sachs analysts have noted that U.S. equity valuations remain higher than what the macroeconomic backdrop would typically suggest. Additionally, both realized and implied volatility in equity markets have risen sharply, aligning with the macroeconomic conditions.