Stock correlations tick up as Wall Street extends declines
NEW YORK - A stock market correlation index hit a near four-month high on Wednesday, signaling that investors expect stock market gyrations to tick up in coming days.
The rise in correlation expectations points to investors gearing up for some more volatility in the days ahead, according to JJ Kinahan, CEO of IG North America and president of online broker Tastytrade. "Over the past two years, correlation levels have been historically muted, even lower than what we saw in 2017," said Mandy Xu, head of derivatives market intelligence at Cboe Global Markets (NYSE:When correlation is low and individual stocks are charting their own paths, it tends to subdue index level volatility.
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