The ProShares Short VIX Short Term Futures ETF (SVXY) experienced a notable decline, dropping 3.23% to $50.98 by 4:35 PM on Friday, November 15, following a significant surge in the CBOE Volatility Index (VIX). The VIX closed up 12.79% at 16.14, reflecting increased market uncertainty and expectations of heightened volatility, as the S&P 500 Index fell 1.32% to 5870.62. This rise in the VIX was accompanied by a trading volume 1.735 times the 30-day average, with a slight preference for call options, indicating a balanced but cautious market sentiment. The market's reaction was influenced by Fed Chair Powell's cautious remarks and a reassessment of rate cut expectations, prompting investors to seek safer assets amidst the economic uncertainty.