Market Volatility Increases; S&P 500 Rises To New 2023 Highs

The S&P 500 settled higher on Friday, surpassing the 4,300 level for the first time since August. The index also recorded gains for four weeks in a row.

Traders are now seeing more than 71% chance that the Federal Reserve will maintain interest rates at its meeting on June 13-14. Data on consumer prices will be released on Tuesday.

Shares of EV makers Tesla, Inc. TSLA and General Motors Company GM moved higher this week as the two competitors announced that GM cars will be equipped to use Tesla charging stations by 2025.

Netflix, Inc. NFLX shares gained 2.6% on Friday following a report suggesting the company saw an increase in subscriptions following its password sharing crackdown.

Major sectors on the S&P 500 closed on a mixed note, with consumer discretionary and information technology stocks recording the biggest gains on Friday. However, utilities and energy stocks closed lower during the session.

The Nasdaq 100 rose 0.30% to close at 14,528.36 on Friday, amid gains in shares of NVIDIA Corporation NVDA and Tesla Inc TSLA.

The S&P 500 rose 0.11%, while the Dow Jones rose 0.13% to 33,876.78 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 1.3% to close at 13.83 on Friday.

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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