Wall Street's fear gauge spikes to a 4-month high as investors worry the market downturn will deepen

• Wall Street's "fear gauge" passed a key level Tuesday with investors rattled by soaring bond yields.
• Stocks have plummeted with traders expecting interest rates to stay high well into 2024.
• That's driven the VIX, which tracks S&P 500 volatility, to a four-month high.

A widely-followed "fear gauge" hit a four-month high Tuesday, as Wall Street continued to fret about spiking bond yields.

The CBOE Volatility Index, or the VIX, had an intraday peak of over 20, breaching that level for the first time since May 24.