The CBOE Volatility Index (VIX) decreased by 7.57% to close at 17.21, while the S&P 500 Index (SPX) rose by 0.72% to finish the day at 6037.88 on February 4, 2025. This decline in the VIX suggests a reduction in market volatility and increased investor confidence, projecting about 1.07% in daily S&P 500 movement over the next 30 days. Today's VIX trading volume was 1.250 times the 30-day average, with calls making up 54.05% of the volume, indicating a balanced sentiment with a slight tilt towards bullishness. The most significant trade was the VIX Feb 2025 17.000 put, with a volume of 11,846 contracts. The VIX opened at 18.78, higher than the previous close, before reaching a high of 19.11 and a low of 16.78. The drop in the VIX aligns with optimism over potential progress in US-China trade talks and a decline in Treasury yields, which have eased concerns over economic overheating. This positive sentiment has been reflected in the SPX's rise, driven by gains in big tech stocks.