Market Volatility Increases Sharply Ahead Of Jobs Report, S&P Settles Lower

The S&P 500 closed lower on Thursday ahead of the jobs report for the month of April.

Data on nonfarm payrolls for April will be released today at 8:30 a.m. ET.

PacWest Bancorp PACW shares tumbled over 50% on Thursday after the company confirmed early Thursday reports about the bank exploring strategic options and assuaged concerns regarding its health. The KBW Regional Banking index dropped around 3.5% on Thursday.

First Horizon Corp. FHN and TD Bank Group TD announced that they have agreed to mutually terminate their previously announced $13.4 billion merger agreement.
After the closing bell, Apple Inc. AAPL shares gained over 2% in after-hours trading on Thursday after the company reported better-than-expected Q2 results, raised its dividend and announced a $90 billion buyback.

Majority of the sectors on S&P 500 closed on a negative note, with financials and communication services stocks recording the biggest losses on Thursday. However, utilities and real estate stocks bucked the overall market trend, closing higher during the session.

The Nasdaq 100 fell 0.37% to close at 12,982.48 on Thursday, amid losses in shares of Apple Inc AAPL and Adobe Inc ADBE.

The S&P 500 fell 0.72%, while the Dow Jones lost 0.86% to 33,127.74 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) jumped 9.5% to close at 20.09 on Thursday. The index climbed to as much as 21 points on Thursday, recording its highest level since late March.

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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