The most widely-followed gauge of Wall Street fear and uncertainty was lower on Friday, with investors hopeful that a meeting between U.S. and China officials in Geneva will help ease global trade tensions.
The Cboe Volatility Index, which tracks S&P 500 options contracts and trades under the ticker VIX, slipped 1.3% to just over 22 in early trading. Any reading of below 20 would typically be seen as a signal of relatively low volatility.
The VIX was falling with Treasury Secretary Scott Bessent set to meet with Chinese officials in Switzerland this weekend. Investors are hopeful that Washington and Beijing will be able to broker a deal to reduce tariffs, which would likely give the market a big boost.