The VS TR 2x Long VIX Futures ETF (UVIX) closed down 5.87% at $29.69 on February 4th, as volatility in the markets subsided following tariff-related news. The VVIX Index, which measures the volatility of volatility, dropped 7.71% to 100.61, reflecting a decrease in market anxiety. The decline in volatility was primarily driven by the postponement of tariffs on Mexico and Canada, which had initially spiked volatility levels. However, the imposition of 10% tariffs on China and China's retaliatory measures, including 15% tariffs on U.S. goods and export controls on key minerals, continue to weigh on market sentiment. Despite these tensions, the VIX index gave back most of its gains as traders adjusted to the new tariff landscape. The S&P 500 futures trended lower, indicating ongoing concerns about the economic impact of these trade measures.