Investors are looking for signs the selling in the U.S. stock market may have reached a crescendo, but say that the check marks are not yet all ticked and there is room for further pain.

A gauge of investor anxiety was surging Friday as a brutal selloff in U.S. stocks continued on rising concern over the large tariffs announced by the White House earlier this week. The Cboe Volatility Index,

Global markets on Thursday were severely rattled by President Donald Trump’s historic tariff announcement, which threatens to throw the US and the rest of the world into a recession.