S&P 500 Settles Slightly Higher, Market Volatility Drops

The S&P 500 closed slightly higher on Tuesday following the release of earnings results from major companies.

Johnson & Johnson JNJ shares fell 2.8% on Tuesday after the company reported better-than-expected Q1 results, raised its 2023 guidance and increased its quarterly dividend. Goldman Sachs Inc GS, meanwhile, reported mixed Q1 financial results.

On the economic data front, housing starts in the U.S. fell 0.8% month-over-month to an annualized rate of 1.42 million in March, while building permits dipped 8.8% to an annual rate of 1.413 million.

Major sectors on the S&P 500 closed on a mixed note, with energy and industrials stocks recording the biggest gains on Tuesday. However, health care and communication services stocks closed lower during the session.

The Nasdaq 100 rose 0.03% to close at 13,091.79 on Tuesday, amid gains in shares of Apple Inc AAPL and NVIDIA Corporation NVDA.

The S&P 500 rose 0.09%, while the Dow Jones lost 0.03% to 33,976.63 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) dropped to its lowest point since January 2022 on Tuesday.

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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