There's a record disconnect unfolding in the trading pits right now

Traders work at the New York Stock Exchange on May 28, 2026. NYSE Forget a tale of two cities, it's two different worlds for traders in the U.S. stock market. If you're tracking index gains in the S&P 500 , it's a slow and steady grind as volatility declines to the lowest since January, with the Cboe Volatility Index (VIX) touching 15.6 Thursday, compared to 35 in March when geopolitical fears drove daily whipsaw moves in the market. If you've been trading individual stocks, the roller-coaster ride hasn't stopped, and in many cases – particularly in tech names – it's only gotten crazier. Cboe's S&P 500 Constituent Volatility Index VIXEQ, which aggregates VIX-like measurements for each specific company and weights by market capitalization, is sitting near its highest level in more than a year. The spread between VIXEQ and VIX is now the widest since January 2023, as far back as the exchange's stock-specific data go. Zoom In Icon Arrows pointing outwards "What stands out in the current market is just how calm things are at the index level even as single stock volatility remains near a 1-year high," Mandy Xu, head of derivatives market intelligence at Cboe, wrote in an email. "Stock dispersion is extremely elevated and correlation levels have fallen to historic lows as traders switch focus from macro risks (e.g. …