Market Volatility Increases Sharply; S&P 500 Settles Lower

The S&P 500 settled lower on Monday, after an attempted rebellion by Wagner Group mercenaries against Russian President Vladimir Putin over the weekend.

Last week, the S&P 500 snapped its five-week winning rally, which was the longest since Nov. 2021.

Lucid Group Inc LCID shares gained 1.5% on Monday after the company announced a technology partnership with Aston Martin.

PacWest Bancorp PACW shares rose 4% after Ares Management acquired the bank's $3.5 billion specialty finance loan portfolio.

Major sectors on the S&P 500 closed on a mixed note, with communication services and consumer discretionary stocks recording the biggest losses on Monday. However, energy and real estate stocks were among the top performers during the session.

The Nasdaq 100 fell 1.36% to close at 14,689.02 on Monday, amid losses in shares of Alphabet Inc. GOOGL and Tesla Inc TSLA.

The S&P 500 fell 0.45%, while the Dow Jones dropped 0.04% to 33,714.71 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 6% to close at 14.25 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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