Wall Street Remains Calm, Shrugging Off Fed Risk

The most widely followed gauge of market fear and uncertainty was sliding on Thursday as the news that President Donald Trump could name Federal Reserve Chair Jerome Powell's successor early failed to dent sentiment.

The Cboe Volatility Index, which tracks S&P 500 options and trades under the ticker VIX, was flat at just under 17 in early trading. Any reading of below 20 tends to indicate relatively low volatility.

Trump is considering selecting the next Fed Chair in September or October, The Wall Street Journal reported on Wednesday. The president has repeatedly slammed Powell for not cutting interest rates, and an early appointment of a chair-in-waiting would create a sort of backseat driver for monetary policy, who could steer the central bank toward lowering borrowing costs.