Equity markets are having a bumpy ride so far in 2024, and Tuesday was the worst day yet, with weaker sentiment underlined on Wednesday by a move on Wall Street's "fear gauge" to a two-month high.

TheCBOE VIX volatility indexjumped 4.8% to 14.5 on Wednesday ahead of the market open. TheProShares VIX Mid-Term Futures ETF(NYSE:VIXM), an exchange traded fund that attempts to mirror the performance of the volatility index, was up 2.4% on Wednesday at 16.39.

While 14.5 isn't historically high, it is significant in being the highest reading since Nov. 14, 2023, when the index was dropping sharply...