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US stocks moved lower on Wednesday as riskier assets came under pressure. The announcement that several European countries were headed to lockdowns generates higher volatility. US yields moved lower and the dollar moved higher as risk aversion took hold. All sectors in the S&P 500 were lower, led down by Energy and Technology, Materials were the best performing sector in the S&P 500 index. With 6-days left until the US presidential election, concerns that the election might be too close to call is generating additional volatility. Microsoft reported better than expected financial results after the closing bell on Tuesday but it did little to lift the share price.

The VIX Hits a 4-month High

The VIX volatility index, which measures the implied volatility of the S&P 500 index, hit a 4-month high on Wednesday. The VIX rose above 40% which is the highest level seen since June. Ahead of the November general election traders are looking to hedge their exposure by purchasing puts on the S&P 500 index. The VIX of the VIX which measures the implied volatility of the VIX also hit a fresh 4-month high.

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Boeing Reports A Better than Expected Loss

Boeing reported a loss of $466 million in Q3 as overall sales fell 29% year over year. Liquidity declined to $27 billion and debt remained around $61 billion. The company lost $0.79 per share in the quarter compared with a $2.05 profit a year earlier. The adjusted loss of $1.39 was ahead of the $2.35 consensus. Additionally, the company expects to reduce its headcount by another 11,000, including 7,000 layoffs, on top of almost 20,000 already announced and end next year. Boeing’s commercial jetliner arm reported a loss of $1.4 billion in the quarter as sales fell 56%.

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