The market is extremely volatile under the surface: The difference between individual stock volatility in the S&P 500 and the S&P 500 Volatility Index, VIX, is up to a record 34 points. This gap has surged +19 points, or +127%, since March. Over this period, the individual stock volatility index has risen +9 points, to 49 points, the highest since March 2025. At the same time, VIX has declined -16 points, to 15 points, the lowest since mid-January. In other words, the calm in the broader market is hiding unusually high stress across individual stocks. This comes as the concentration in mega-cap tech continues to keep index volatility artificially low. Single stocks are trading as if a correction has already occurred.