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The Russian invasion of Ukraine has been a driving force in markets for the past few weeks. Such instructions could actually endanger people — citizens receive air strike warnings via smartphone alerts. Messages are not fully encrypted by default. That means the company could, in theory, access the content of the messages, or be forced to hand over the data at the request of a government. Although some channels have been removed, the curation process is considered opaque and insufficient by analysts. And indeed, volatility has been a hallmark of the market environment so far in 2022, with the S&P 500 still down more than 10% for the year-to-date after first sliding into a correction last month. The CBOE Volatility Index, or VIX, has held at a lofty level of more than 30.
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