Market Volatility Falls Ahead Of Fed Meeting; S&P 500 Edges Higher

The S&P 500 closed slightly higher on Friday, while the Dow Jones edged higher to record gains for the 10th straight day.

Schlumberger Limited (NYSE: SLB) shares fell 2.2% on Friday after the company reported worse-than-expected second-quarter revenue results. American Express Company (NYSE: AXP) reported better-than-expected earnings for its second quarter and reaffirmed its FY23 outlook.

The Fed is widely projected to increase interest rates by 25 basis points at this week’s meeting.

Majority of sectors on the S&P 500 closed on a positive note, with utilities and health care stocks recording the biggest gains on Friday. However, industrials and communication services stocks settled lower during the Friday’s session.

The Nasdaq 100 gained 0.20% to close at 15,496.72 on Friday, amid losses in shares of Advanced Micro Devices, Inc. (NASDAQ: AMD) and Airbnb Inc (NASDAQ: ABNB).

The S&P 500 rose 0.03%, while the Dow Jones gained 0.01% to 35,227.69 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 3.5% to close at 13.50 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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