Market Volatility Increases; S&P 500 Settles Lower

The S&P 500 settled lower on Monday, after the index settled at its strongest level in over nine months on Friday.

On the economic data front, the S&P Global U.S. services PMI was revised lower to 54.9 in May versus a preliminary reading of 55.1, while the ISM Services PMI declined to 50.3 in May from 51.9 in April.

Apple Inc AAPL shares settled slightly lower on Monday, after briefly hitting a record high earlier during the session. The company unveiled a wave of innovative products and features within its universe.

Shares of Palo Alto Networks, Inc. PANW gained 4.4% on Monday following a Friday announcement from S&P Dow Jones Indices indicating that the cybersecurity firm is joining the S&P 500. The company will replace DISH Network Corp DISH in the broad market index.

Majority of the sectors on the S&P 500 closed on a negative note, with industrials and energy stocks recording the biggest losses on Monday. However, communication services and utilities stocks closed higher during the session.

The Nasdaq 100 rose 0.07% to close at 14,556.50 on Monday, amid gains in shares of Amazon.com, Inc. AMZN and Tesla Inc TSLA.

The S&P 500 fell 0.20%, while the Dow Jones fell 0.59% to 33,562.86 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 0.9% to close at 14.73 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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