# VIX surges most since April as traders fear worse ahead

> Wall Street's volatility index jumped 5.7 points to above 28 on Thursday, its highest since March 31, but traders argue it should climb even higher given the S&P 500's three percent drop.
- Title: VIX surges most since April as traders fear worse ahead · CNBC
- Summary: Wall Street's volatility index jumped 5.7 points to above 28 on Thursday, its highest since March 31, but traders argue it should climb even higher given the…
- Keywords: vix, cboe volatility index, s&p 500, market volatility, semiconductors, hedge funds, CNBC
- Source: CNBC — https://cnbc.com/2026/11/05/wall-streets-fear-gauge-surges-the-most-since-april-why-traders-think-it-should-be-even-higher.html
- Author: Oliver Renick
- Published: 2026-11-05T17:34:16+00:00
- Read time: 1 min
- Topics: vix, cboe volatility index, s&p 500, market volatility, semiconductors, hedge funds, business, finance
## VIX jumps to highest level since March
The Cboe Volatility Index jumped as much as five point seven points to above twenty eight about ninety minutes after Thursday's opening bell, its highest reading since March thirty first.
## Biggest one-day move since April ninth
From its intraday low to high Thursday, the VIX moved more than eleven points, the biggest one-day move since April ninth.
## Traders say volatility should be higher
With the S and P five hundred down three percent, traders argue volatility should be higher.
## Noel Smith sees a hedge fund liquidation
Noel Smith said the tape looks like a liquidation tied to a hedge fund, not macro factors.Oil and rates remain relatively unchanged, he noted, but nearly eight hundred thousand calls traded on the VIX Thursday.

> My data says to de-risk, but my gut says this is a blowout that could create a dip-buying opportunity
## Key takeaway

The VIX jumped five point seven points to above twenty eight on Thursday, its biggest move since April ninth, but traders say volatility should be higher given the S and P five hundred's three percent decline.