US Stocks Recover After Recording Worst Week Of 2023, Market Volatility Declines

US stocks settled slightly higher on Monday, after Wall Street's major benchmarks recorded the biggest percentage declines of the year during the last week.

On the economic data front, durable goods orders in the US dropped 4.5% month-over-month in January, the most since April 2020. Pending home sales in the US jumped 8.1% month-over-month in January.

Seagen Inc SGEN shares jumped more than 10% on Monday following a media stating Pfizer is considering acquiring the company.

Major sectors on the S&P 500 closed on a mixed note, with consumer discretionary and industrials stocks recording the biggest gains on Monday. However, utilities and health care stocks settled lower during the session.

The Nasdaq 100 jumped 0.74% to close at 12,057.79 on Monday, amid gains in shares of Apple Inc AAPL and Tesla Inc TSLA.

The S&P 500 gained 0.31%, while the Dow Jones added 0.22% to 32,889.09 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 3.3% to 20.95 points on Monday.

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.

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