Based on the provided information, the VIX spiked at 10am. Here are some possible factors contributing to this increase:
- Market Sentiment: The VIX reflects market anxiety and expectations of future volatility. A spike at 10am might indicate a sudden shift in investor sentiment, potentially triggered by news or events that occurred around that time.
- Options Market Activity: The VIX is calculated from options prices, particularly those with near-term expiration dates. A surge in trading activity or changes in option prices around 10am could have contributed to the VIX spike.
- S&P 500 Index Movement: The VIX is closely tied to the S&P 500 Index (SPX). A sudden and significant price movement in the SPX around 10am could have driven the VIX higher, reflecting increased market volatility.
- Institutional Trading: As mentioned in the search results, institutions may use the VIX to gauge their portfolio hedging needs. A spike in institutional trading activity around 10am, potentially driven by changes in market conditions or economic data releases, could have influenced the VIX.
These factors are not mutually exclusive, and the actual cause of the VIX spike at 10am might be a combination of these or other market dynamics.