U.S. stocks closed lower, dropping to a two-month low level on Friday.
All three major indices declined to levels not seen since mid-July, while the S&P 500 index settled below the major 3,900 level.
Hotter-than-expected data on inflation raised prospects of an interest rate increase of at least 75 basis points at this week’s policy meeting.
Shares of FedEx Corporation FDX tumbled more than 21% on Friday after the company issued preliminary Q1 earnings results.
Shares of Apple Inc AAPL and Amazon.com Inc AMZN also closed lower on Friday.
The Nasdaq 100 fell 0.55% to close at 11,861.38 on Friday, while the S&P 500 declined 0.72%. The Dow Jones fell around 139 points to settle at 30,822.42 in the previous session.
Majority of the sectors on the S&P 500 closed on a lower note, with energy and industrials stocks recording the biggest decline on Friday. Consumer staples stocks, however, bucked the overall market trend, recording gains on Friday.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 0.1% to 26.30 points.
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.
Image and article originally from www.benzinga.com. Read the original article here.