S&P 500 Settles Higher; Market Volatility Increases Further

The S&P 500 settled higher on Monday amid optimism that the debt ceiling talks scheduled on Tuesday could yield some results.

Investors also assessed the economic data released Monday, which showed the NY Empire State Manufacturing Index falling to -31.8 in May from 10.8 in the previous month, versus analysts’ estimates of -3.75.

Oil prices also moved higher on Monday, after dropping for three straight sessions.

Major sectors on S&P 500 closed on a mixed note, with materials and financials stocks recording the biggest gains on Monday. However, utilities stocks closed sharply lower during the session.

The Nasdaq 100 rose 0.55% to close at 13,413.51 on Monday, amid gains in shares of Amazon.com, Inc. AMZN and NVIDIA Corporation NVDA.

The S&P 500 added 0.30%, while the Dow Jones rose 0.14% to 33,348.60 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 0.5% to close at 17.12 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.

Read Next: Electronic Arts, TD SYNNEX And 2 Other Stocks Insiders Are Selling