The CBOE Volatility Index (VIX) surged by 12.79% to close at 16.14, indicating expectations of approximately 1% daily S&P 500 movement over the next 30 days. Meanwhile, the S&P 500 Index (SPX) declined by 1.32% to finish at 5870.62 on November 15, 2024. This increase in the VIX, coupled with the SPX's decline, suggests heightened market uncertainty and volatility. Today's VIX trading volume was 1.735 times the 30-day average, with calls comprising 53.48% of the volume, reflecting a balanced sentiment with a slight tilt towards hedging against further volatility. The most significant trade was the VIX Nov 2024 15.000 put, with a volume of 128,560 contracts. The VIX opened at 15.02, higher than the previous close, and fluctuated between a high of 17.55 and a low of 14.56. The market's reaction to Fed Chair Powell's cautious remarks and the reassessment of rate cut expectations contributed to the volatility, as investors seek safer assets amidst economic uncertainty.