This indicates investors’ expectation of a gradual rise in volatility as earnings season approaches, particularly in tech sector stocks. It doesn’t look like the music will stop on Friday. After the S&P 500 SPX notched record high number 30 of 2025, stock-market futures ES00 NQ00 are higher, and gold GC00 keeps blasting higher. The October futures, however, tell a different story, suggesting that investors are anticipating increased turbulence once the Fed's decision is out of the way and rate cuts are priced in. VIX futures correlation with S&P 500 has strengthened this week, with implied vol responding sharply to sector rotation signals and Treasury yield fluctuations. Portfolio managers are watching the Fed minutes for potential volatility catalysts.