Market Volatility Increases; S&P 500 Snaps 5-Week Winning Streak

The S&P 500 settled lower on Friday, following the recent Fed Chair Powell's comments suggesting further rate hikes are expected by the end of the year.

The S&P 500 snapped its five-week winning rally, which was the longest since Nov. 2021.

Financial markets are seeing around 74% chance that the US Federal Reserve will raise rates by another 25 basis points at the July meeting.

Apogee Enterprises, Inc. (NASDAQ: APOG) shares gained 7% on Friday after the company reported better-than-expected first-quarter financial results and raised FY24 EPS guidance.

Major sectors on the S&P 500 closed on a negative note, with utilities, real estate and information technology stocks recording the biggest losses on Friday.

The Nasdaq 100 fell 1% to close at 14,891.48 on Friday, amid losses in shares of Microsoft Corp (NASDAQ: MSFT) and Tesla Inc (NASDAQ: TSLA).

The S&P 500 fell 0.77%, while the Dow Jones dropped 0.65% to 33,727.43 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 4.1% to close at 13.44 on Friday.

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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