The Cboe Skew Index, which measures options traders’ demand for tail-risk hedges, has risen sharply since Nov. 12, when it touched a post-election low. The index closed above 167 on Monday, its highest reading in more than two months, according to LSEG data.

Stocks wavered in afternoon trading on Wednesday, as losses for several Big Tech companies offset gains elsewhere in the market. The S&P 500 fell 0.4% in afternoon trading, even though more stocks were rising than falling in the index.

Wall Street stocks were mixed early Wednesday as markets awaited a key inflation reading in the final full-day session of a holiday-shortened week.