Wall Street's fear gauge surges the most since April. Why traders think it should be even higher

The Cboe Volatility Index surged more than 11 points from its intraday low to high on Thursday, marking its largest one-day move since April 9. The jump in Wall Street's fear gauge reflects heightened investor anxiety, though some traders argue the VIX should be even higher given the scale of market uncertainty. The outsized swing underscores how quickly sentiment can shift and raises questions about whether current volatility pricing fully captures prevailing risks. Market participants will be watching whether the VIX sustains these elevated levels or reverts, as further moves could signal broader shifts in risk appetite across equities.