S&P Settles Almost Flat; Market Volatility Drops

The S&P 500 closed mostly flat on Monday after recording sharp gains in the previous session ahead of key inflation readings this week.

Shares of Catalent, Inc. CTLT dropped more than 25% on Monday after the company announced it will be delaying the release of its Q3 results. The company said it expects to significantly reduce both its FY23 net revenue and adjusted EBITDA guidance by more than $400 million each.

Tyson Foods, Inc. TSN shares tumbled 16% after the company reported worse-than-expected Q2 results and cut its FY23 financial outlook.

Majority of the sectors on S&P 500 closed on a negative note, with real estate and industrials stocks recording the biggest losses on Monday. However, communication services and consumer discretionary stocks closed higher during the session.

The Nasdaq 100 rose 0.25% to close at 13,291.64 on Monday, amid gains in shares of Tesla Inc TSLA and NVIDIA Corporation NVDA.

The S&P 500 rose 0.05%, while the Dow Jones lost 0.17% to 33,618.69 in the previous session. The Dow and S&P 500 recorded losses last week.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 1.2% to close at 16.98 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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