The ProShares Short VIX Short Term Futures ETF (SVXY) declined by 1.70% to $50.93 as of 4:35 PM on Tuesday, November 19, 2024. The CBOE Volatility Index (VIX) surged 4.94% to close at 16.35, reflecting market expectations of increased volatility amid easing geopolitical tensions. Despite a 0.4% rise in the S&P 500 Index to 5916.98, the heightened VIX trading volume, which was 1.372 times the 30-day average, indicates a cautious market sentiment. Calls made up 69.93% of today's VIX trading volume, suggesting traders are bracing for potential volatility spikes. The geopolitical landscape initially drove volatility higher, but a shift in Russia's stance helped stabilize the market.