S&P 500 futures rallied after labor data as volatility declined on 11/11/25. The S&P 500 futures closed higher today at 6,875, with E-mini S&P 500 futures rallying over 3% from last Friday's low. This price action was supported by continued weakness in the labor market, shown by the ADP weekly jobs report and the NFIB Small Business Optimism Index hitting six-month lows, which nudged rate cut odds slightly higher (now 65% for a 25 basis point cut at the December FOMC). Volatility, which moves inversely to the indices, has been on the decline since the market lows, closing today at one-week lows. Looking ahead, market clarity could come from a potential House vote on ending the government shutdown tomorrow. Traders will also hear from six Federal Reserve speakers, including Atlanta Fed President Bostic and Fed Governor Mian, and more earnings reports are expected as earnings season concludes.