The ProShares Trust Ultra VIX Short Term Futures ETF (UVXY) closed at $22.46 on January 13, down 2.77% as the Cboe Volatility Index (VIX) experienced fluctuations amid mixed market signals. The VIX, a key measure of market volatility, rose 11% to 21.60 in pre-market trading, reflecting heightened uncertainty following a stronger-than-expected December jobs report. This report has led to speculation that the Federal Reserve may not cut interest rates in 2025, maintaining elevated borrowing costs and pressuring stock valuations. Despite the initial rise in the VIX, it settled at 20.09 by midday, as investors digested the implications of the robust labor market data. The market's fear gauge remained elevated, with VIX option volume above average, indicating continued investor caution.