Equity-market anxiety intensified at the opening of August trading as the Cboe Volatility Index jumped above the psychologically important 20 level for the first time since June. The gauge of S&P 500 options prices climbed as much as 4 points to 20.77, its highest reading in almost six weeks, and finished the session about 25% higher on the day. The spike in the so-called “fear index” coincides with a period that has historically produced weaker equity returns, increasing demand for portfolio hedges. Options desks reported a single US$1.1 million purchase of far out-of-the-money VIX calls, underscoring investors’ willingness to pay up for protection should turbulence deepen. Elsewhere in markets, the benchmark US 10-year Treasury yield hovered near 4.36%, suggesting only muted flight-to-safety flows for now. Still, the abrupt rise in implied volatility signals growing unease as traders navigate the seasonally choppy August–September window and assess the durability of this year’s stock-market gains.