CBOE Volatility Index Drops To Lowest Level Since November 2021; S&P 500 Ends Almost Flat

The S&P 500 closed almost flat on Wednesday following the release of corporate earnings.

Abbott Laboratories ABT shares gained 7.8% on Wednesday after the company reported better-than-expected Q1 results and issued guidance. Netflix, Inc. NFLX shares dropped after the company reported mixed Q1 financial results.

Shares of Western Alliance Bancorporation WAL jumped over 24% after the company reported better-than-expected earnings.

Major sectors on the S&P 500 closed on a mixed note, with utilities and real estate stocks recording the biggest gains on Wednesday. However, communication services and materials stocks closed lower during the session.

The Nasdaq 100 fell 0.02% to close at 13,088.72 on Wednesday, amid a decline in shares of Tesla Inc TSLA.

The S&P 500 slipped 0.01%, while the Dow Jones lost 0.23% to 33,897.01 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 2.2% to close at 16.46 on Wednesday, dropping to its lowest level since Nov. 2021 during the session.

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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