US VIX index rises by more than 11 points in a day — CNBC

In the United States, the Cboe Volatility Index, known as the VIX, rose by more than 11 points between its intraday low and high on November 5. This was the indicator’s largest one-day move since April 9. About an hour and a half after trading opened, the VIX had gained up to 5.7 points and exceeded the 28 mark.

S&P 500 index decline

Amid the VIX movement, the S&P 500 index was losing 3% and heading for its worst decline since April 2025. According to CNBC, some traders believed volatility could have been even higher given such a drop in the stock index. Traders use a benchmark under which a VIX level of 16 points roughly corresponds to a 1% move in the S&P 500.

Noel Smith noted that his data indicated a need to reduce risks in portfolios, but he also allowed for the possibility of buying after a sharp decline. According to him, oil prices and rates were not changing significantly, while the market move resembled position liquidation. He added that he had heard of such activity from one of the hedge funds.

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Options market activity

The day before, the VanEck Semiconductor ETF fell by 3%, while the VIX declined by more than four points. According to the OddStats account on social network X, this was the first time in market history that such moves occurred simultaneously.

As of midday, traders had entered into nearly 800,000 VIX call option contracts. According to Cboe, this was 3.5 times higher than the average for the previous 30 days.