Market Volatility Rises Ahead Of Big Earnings; S&P 500 Settles Higher

U.S. stocks closed mostly higher on Monday, ending the July month on upbeat quarterly earnings.

All three major stock indices recorded gains for July, with the S&P 500 adding 3.1% for the month.

SoFi Technologies, Inc. SOFI shares jumped 20% on Monday after the company reported better-than-expected seconc-quarter financial results and raised FY23 adjusted net revenue guidance.

Amazon.com AMZN and Apple AAPL are scheduled to release earnings reports this week.

On the economic data front, the Chicago Business Barometer rose to 42.8 in July from 41.5 points in June, down from market estimates of 43.3, while the Federal Reserve Bank of Dallas’ general business activity index for manufacturing in Texas climbed for a second month in a row to -20.0 in July.

Majority of sectors on the S&P 500 closed on a positive note, with energy and real estate stocks recording the biggest gains on Monday. However, health care and consumer staples stocks closed lower during the Monday’s session.

The Nasdaq 100 rose 0.04% to close at 15,757.00 on Monday, amid gains in shares of Amazon.com, Inc. AMZN and Advanced Micro Devices, Inc. AMD.

The S&P 500 rose 0.15%, while the Dow Jones gained 0.28% to 35,559.53 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 2.3% to close at 13.63 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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