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UVXY · Analysis updated Nov 6, 2026, 11:47 AM ET
Why is ProShares Ultra VIX Short-Term Futures ETF (UVXY) stock moving?
UVXY jumped 45.4% on Nov 5 to close at $23.61, on volume of about 50.2M shares, roughly 3x the recent daily levels. The jump followed a 70% one-day VIX surge to 28.17. An AI and chip selloff drove it: the Nasdaq fell 5.5%, the S&P 500 fell 4.4% and the Philadelphia Semiconductor Index fell about 12%. The VVIX also jumped 49.3%, which points to heavy demand for protection. On Nov 6 stocks rebounded and the VIX was down about 15% to around 24, and UVXY was trading near $20.89 in the morning. The fund has a history of sharp spikes that fade. Its daily 2x reset and futures roll cost produce steep decay, and it is down about 55% YTD. Cboe data say VIX spikes from a calm start have usually faded, and CNBC cites Bespoke data showing stocks usually rose after similar jumps. Volatility does tend to cluster, though, and the shock to AI sentiment is not settled. The recent price history also shows repeated sharp reversals: Oct 30 spiked to $21.19 intraday and Nov 4 fell to $16.24.
News behind the analysis
- Stock Market Today: November 6, 2026The VIX closed Thursday up 69.7% at 28.17, its biggest one-day percentage gain since Dec 2024. The VVIX jumped 49.3%. Spikes like this have usually faded.
- Stock market today: Dow plunges 1,800 points, Nasdaq enters correction in AI trade meltdownThe S&P 500 fell 4.4% and the Nasdaq 5.5% as chip stocks sold off. The VIX surged more than 65%.
- VIX spikes to seven-month high, erasing post-midterm reliefThe VIX surged as much as 70% to 28.09 on Nov 5, wiping out the prior day's 20% drop.
- Stock market today: Nasdaq, S&P 500 rebound after brutal sell-off as US adds 165K jobsStocks stabilized Friday after the AI-driven rout. The October jobs report came in hotter than expected, with unemployment at 4.1%.
- Midday Need to Know: Chip stocks plunge, VIX surges & moreTech, chip and crypto stocks sank on data center spending worries after the midterms. The VIX hit a seven-month high.
- Wall Street Fear Surpasses Crypto Amid 70% VIX SpikeThe VIX finished at 28.18, the third-largest rise in its history. The Philadelphia Semiconductor Index lost 12.25%.
- Wall Street's fear gauge may be flashing a buy signBespoke found that after similar VIX spikes from under 20, the S&P 500's median 3-month return was 4.2%.
- Investors Are Suddenly Panicking Like never BeforeThe VIX's 70% jump was bigger in percentage terms than any session in March 2020. Volatility tends to cluster.
- Nasdaq Plunges 6%, Bitcoin Retreats to $75,000 as VIX Spikes 70% in a Single DayThe Nasdaq 100 fell 6.36%. Worries about tighter data center regulation weighed on AI stocks and crypto.
- VIX Surges 70%, SPY Drops Amid Market Volatility on November 5, 2026The VIX hit its highest level since April 2026 during a tech-led selloff.