S&P Settles Lower Ahead Of CPI; Market Volatility Increases

The S&P 500 closed lower on Tuesday ahead of consumer price index report.

Disappointing projections from companies, including, PayPal Holdings, Inc. PYPL and Skyworks Solutions, Inc. SWKS also weighed on overall market sentiment. The Philadelphia SE Semiconductor Index dropped around 1.9% on Tuesday.
Novavax, Inc. NVAX shares jumped around 28% after the company reported mixed Q1 financial results and issued FY23 revenue guidance above estimates.

Majority of the sectors on S&P 500 closed on a negative note, with materials and information technology stocks recording the biggest losses on Tuesday. However, industrials stocks bucked the overall market trend, closing higher during the session.

The Nasdaq 100 fell 0.68% to close at 13,201.11 on Tuesday, amid losses in shares of Tesla Inc TSLA and Apple Inc AAPL.

The S&P 500 fell 0.46%, while the Dow Jones lost 0.17% to 33,561.81 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 4.3% to close at 17.71 on Tuesday.

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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