Market Volatility Drops Sharply Following Debt Deal Optimism; Jobs Report In Focus

The S&P 500 settled at its highest since Aug. 2022 following House passage of a debt limit bill.

Investors are awaiting the release of May’s jobs report today. Data released Thursday showed that U.S. initial jobless claims increased by 2,000 from the prior week to 232,000 in the week ending May 27, compared to market expectations of 235,000, while private payrolls rose higher-than-expected in May.

C3.ai, Inc. AI shares dropped over 13% on Thursday despite reporting better-than-expected fourth-quarter financial results and issuing relatively in-line guidance.

Meta Platforms, Inc. META shares gained 3% after CEO Mark Zuckerberg announced the launch of Meta Quest 3.

Majority of the sectors on S&P 500 closed on a positive note, with information technology and energy stocks recording the biggest gains on Thursday. However, utilities stocks bucked the overall market trend, closing lower during the session.

The Nasdaq 100 surged 1.31% to close at 14,441.51 on Thursday, amid gains in shares of Amazon.com, Inc. AMZN and Apple Inc AAPL.

The S&P 500 climbed 0.99%, while the Dow Jones rose 0.47% to 33,061.57 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) dipped 12.8% to close at 15.65 on Thursday.
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: $2M Bet On Align Technology? Check Out These 3 Stocks Insiders Are Buying