S&P Edges Lower Ahead of Fed's Decision; Market Volatility Increases

The S&P 500 closed slightly lower on Monday ahead of this week’s interest rate decision.

The Fed is likely to raise interest rates by an additional 25 basis points on Wednesday.

JPMorgan Chase & Co. JPM shares gained over 2% on Monday after the bank acquired the deposits and assets of First Republic FRC.

Major sectors on the S&P 500 closed on a mixed note, with industrials and health care stocks recording the biggest gains on Monday. However, energy and consumer discretionary stocks settled lower during the session.

The Nasdaq 100 fell 0.11% to close at 13,231.47 on Monday, amid losses in shares of Amazon.com, Inc. AMZN and Tesla Inc TSLA.

The S&P 500 slipped 0.04%, while the Dow Jones lost 0.14% to 34,051.70 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 1.9% to close at 16.08 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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