> ## Content Index > Fetch the complete content index at: https://bullquill.com/llms.txt > Use this file to discover other available public pages before exploring further. # VIX jumps 70% to 28.18 as chip rout hits Singapore, Thai ETFs - URL: https://bullquill.com/vix-jumps-70-percent-asean-etfs/ - Published: 2026-11-06T00:05:13.000Z - Updated: 2026-11-06T00:05:13.000Z - Description: Wall Street's fear gauge surged on Thursday as hedge funds and retail investors dumped AI and chip stocks. US-listed Singapore and Thailand funds fell, while Indonesia and Malaysia barely moved. - Author: Rowan Ashby - Tags: Markets, Breaking, Trending, VIX, S&P 500, Semiconductors, Nvidia, Singapore, #lang-en, #tr-vix-jumps-70-percent-asean-etfs ## Key takeaways - The Cboe Volatility Index (VIX) closed at 28.18 at 21:15 UTC on Thursday, Nov 5, up 11.57 points or 69.66% from 16.61, according to Cboe and Yahoo Finance data. - The S&P 500 fell 4.36% and the PHLX Semiconductor Index dropped 12.25% as a sell-off in AI and chip stocks spread across Wall Street. - Analysts quoted by CNBC and Yahoo Finance blamed hedge funds unwinding crowded AI positions and retail selling. No single confirmed trigger, such as a policy decision or data release, has been identified. - US-listed ASEAN funds split: the Singapore and Thailand ETFs fell more than 2%, while the Indonesia and Malaysia ETFs held almost flat. Wall Street's fear gauge had its biggest surge since April on Thursday, Nov 5, CNBC reported. The VIX ended at 28.18 at 21:15 UTC as chip stocks collapsed, and Southeast Asian investors now face Friday's open after a 4.36% fall in the S&P 500. ## What happened to the VIX on November 5? The VIX measures the volatility that options traders expect in the S&P 500 over the next 30 days. On Wednesday, Nov 4, it closed at 16.61, according to Cboe. By the 21:15 UTC close on Thursday it was at 28.18, Cboe's market data page showed, a gain of 11.57 points. Yahoo Finance's index data matched those figures. The index reached that level early in the session. CNBC reported that the index jumped as much as 5.7 points to above 28 about 90 minutes after the New York open. That was its highest reading since March 31, and its low-to-high range of more than 11 points was the widest one-day swing since April 9\. Yahoo Finance's live blog said at 16:17 UTC that the VIX had risen more than 65%. Traders also bought protection against further swings. Nearly 800,000 VIX call options had changed hands by midday, about 3.5 times the 30-day average, CNBC reported, citing Cboe data. | Index / stock | Close, Nov 5 | Change | Source | | ------------------------------ | ------------ | -------------------- | ------------------------------- | | Cboe Volatility Index (VIX) | 28.18 | +11.57 (+69.66%) | Cboe, Yahoo Finance (21:15 UTC) | | S&P 500 | 7,353.73 | \-334.89 (-4.36%) | Yahoo Finance | | Nasdaq Composite | 24,315.00 | \-1,421.52 (-5.52%) | Yahoo Finance | | Dow Jones Industrial Average | 51,523.06 | \-1,833.06 (-3.44%) | Yahoo Finance | | PHLX Semiconductor Index (SOX) | 9,011.14 | \-1,257.52 (-12.25%) | Yahoo Finance | | Nvidia (NVDA) | $181.60 | \-$18.53 (-9.26%) | Yahoo Finance (21:00 UTC) | ## What caused the sell-off? The sell-off began in chip stocks. By 15:35 UTC, about an hour after the open, Nvidia was down more than 6%, Micron 12% and AMD 13%, Yahoo Finance reported; AMD later fell 15%. The Nasdaq Composite closed in correction territory, at least 10% below its recent peak, according to Yahoo Finance's live coverage. Analysts largely pointed to positioning rather than to news. Nomura's Charlie McElligott called the main catalyst "a frantic dash by hedge funds to lock in their profits," Yahoo Finance reported. Vanda Research's Viraj Patel described "a total capitulation by retail investors." McElligott also noted that Lam Research, Applied Materials, AMD and Nvidia had already fallen between 15% and 36% over the past month. CNBC cited trader talk of a hedge fund liquidation, a possible market reaction to the midterm results, and a semiconductor downturn that it dated to the sector's June peak. Noel Smith, quoted by CNBC, said: "I do not see macro stuff causing this, like oil or rates." ## What we know and what we don't know yet - **Known:** the closing levels above, the scale of the chip sell-off, and the options activity reported by CNBC from Cboe data. - **Not confirmed:** whether a specific fund was forced to liquidate. Neither CNBC nor Yahoo Finance named one, and Bullquill has not independently verified the liquidation reports. - **Not yet known:** how Southeast Asian exchanges will trade on Friday, Nov 6\. They closed on Thursday before Wall Street opened, so their Nov 5 closes do not reflect this sell-off. ## How US-listed ASEAN funds traded The best same-day reading for the region comes from US-listed ETFs that track ASEAN markets. Their results split in two. Funds tied to Singapore and Thailand fell, while Indonesia and Malaysia barely moved. | iShares ETF (ticker) | Close, Nov 5 (21:00 UTC) | Change | | --------------------- | ------------------------ | ---------------- | | MSCI Singapore (EWS) | $29.91 | \-$0.70 (-2.29%) | | MSCI Thailand (THD) | $67.10 | \-$1.44 (-2.10%) | | MSCI Indonesia (EIDO) | $9.83 | \-$0.02 (-0.20%) | | MSCI Malaysia (EWM) | $27.27 | +$0.08 (+0.29%) | Source: Yahoo Finance quote pages. The ETFs trade in US dollars, so their moves combine local share prices with currency changes. Indonesia's ETF may have held steady partly because the Jakarta Composite Index had already fallen hard: the IHSG [dropped below 5,000 to a 52-week low](https://bullquill.com/ihsg-falls-below-5000-52-week-low/) earlier this week. That explanation is our reading of the price data, not a cause that any source has confirmed. ## Background Thursday's jump reversed the previous session. After the US midterm results, the VIX fell more than 4 points on Wednesday, Nov 4, which CNBC reported, citing the OddStats account on X, had never happened before in a single day. Bullquill covered the first market reaction to the vote in [what the US midterm results mean for ASEAN markets](https://bullquill.com/us-midterm-results-asean-markets/), and earlier Nvidia weakness in [Nvidia's fall below its 200-day average](https://bullquill.com/nvidia-stock-below-200-day-average/). Asian chip stocks had been swinging with US AI sentiment all week, as [Seoul's Nov 4 chip rebound](https://bullquill.com/kospi-jumps-chip-rebound-sk-hynix-samsung/) showed. ## What it means A VIX close near 28 means options traders expect much larger swings in US stocks over the next month than they did on Wednesday. For investors in Southeast Asia, Thursday's ETF trading put the most pressure on Singapore and Thailand and little on Indonesia and Malaysia, although US-listed ETFs can be a poor guide to how local markets open. Friday's first trades in Singapore, Bangkok, Jakarta, Kuala Lumpur and Manila will show whether the US volatility spreads to the region. Readers can track the region's daily moves on Bullquill's [ASEAN Close](https://bullquill.com/asean-close/) page. ## Frequently asked questions ### Why did the VIX jump on November 5, 2026? The VIX rose 69.66% to 28.18 on Nov 5 as AI and chip stocks sold off. Analysts quoted by Yahoo Finance and CNBC cited hedge funds locking in profits, retail capitulation and talk of a hedge fund liquidation; no single trigger has been confirmed. ### How much did US stocks fall on November 5, 2026? The S&P 500 fell 4.36% to 7,353.73, the Nasdaq Composite fell 5.52% to 24,315.00 and the Dow fell 1,833.06 points, or 3.44%, according to Yahoo Finance. The PHLX Semiconductor Index fell 12.25%. ### How did ASEAN markets react to the Nov 5 Wall Street sell-off? Southeast Asian exchanges had closed before Wall Street opened. In US trading on Nov 5, the iShares MSCI Singapore ETF fell 2.29% and the Thailand ETF 2.10%, while the Indonesia ETF slipped 0.20% and the Malaysia ETF rose 0.29%. ### What does a VIX reading of 28 mean? The VIX tracks the volatility options traders expect in the S&P 500 over the next 30 days. A reading of 28.18 means traders expect much larger swings than at Wednesday's close of 16.61. This article is for information only and is not investment advice.