The CBOE Volatility Index climbed as high as 21.50 on Tuesday, its first sustained move above the psychologically important 20 level in several weeks. The gauge of expected S&P 500 swings has risen 17.6% over the past five sessions, outpacing modest declines in major U.S. equity benchmarks. During the same five-day period, the S&P 500 and Nasdaq Composite each slipped 0.34%, while the Dow Jones Industrial Average fell 0.93%. Treasury markets were largely steady, with the 10-year yield hovering near 4.45%. Traders said demand for portfolio hedges picked up ahead of Tuesday’s VIX options expiration and as investors assessed the potential impact of recently imposed U.S. tariffs on Chinese goods. Despite the jump in volatility, the S&P 500 continued to trade near the 6,000 mark, a level closely watched by derivatives desks because of large open interest in zero-day options. Market participants are monitoring whether the higher cost of protection signals a broader shift in sentiment or merely a short-term positioning adjustment driven by options flows.