Market Volatility Eases Further As Nasdaq Reaches New Three-Month High

The Nasdaq index jumped to a fresh three-month high on Thursday ahead of the much-awaited jobs report for the month of July.

However, U.S. stocks closed mixed on Thursday as energy stocks, including, Exxon Mobil Corp XOM and Chevron Corporation CVX weighed on the S&P 500 index in the previous session.

Shares of Eli Lilly and Co LLY dropped around 2.6% on Thurs as the company lowered its annual profit forecast for the second time. Meta Platforms META, however, rose over 1% after announcing a first-ever bond offering

The Dow Jones fell 0.26% to close at 32,726.82 on Thursday, while the S&P 500 lost 0.08% to 4,151.94. The Nasdaq 100 climbed approximately 0.44% to settle at 13,311.04 in the previous session.

Majority of the sectors on the S&P 500 settled on a positive note, with consumer discretionary and information technology stocks recording the biggest increase on Thursday. Energy, however, was the worst performing sector in the previous session, dropping around 3.6%.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 2.3% to 21.44 points.

What is CBOE Volatility Index?

The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.