A sideways stock market with muted volatility suggests investors are either content with the status quo in the broader economy or unconcerned with lingering risks. The Cboe Group’s volatility index, often referred to as Wall Street’s “fear gauge,” tracks options pricing in a way that provides a look into how investors see the S&P 500 performing over the coming months. Outside of spikes tied to big headline events, such as last April’s tariff turmoil and the November market slump, the VIX has been largely range-bound for much of the past three years.