Market Volatility Falls Sharply, S&P 500 Snaps 4-Session Losing Streak

The S&P 500 settled higher on Monday, snapping a four-session losing streak.

U.S. stocks have notched sharp gains this year, with the benchmark S&P 500 adding around 17.7% in 2023.

As far as the earnings season is concerned, 422 S&P 500 companies have released quarterly results as of Friday, with around 79.1% of those exceeding market estimates.

Henry Schein Inc (NASDAQ: HSIC) reported better-than-expected second-quarter earnings.

Sage Therapeutics Inc (NASDAQ: SAGE) shares dipped around 54% on Monday after the company announced the FDA issued a Complete Response Letter (CRL) for one of the company's New Drug Applications.

Majority of sectors on the S&P 500 closed on a positive note, with communication services and financial stocks recording the biggest gains on Monday. However, utilities stocks closed slightly lower during the Monday’s session.

The Nasdaq 100 rose 0.87% to close at 15,407.85 on Monday, amid gains in shares of Amazon.com, Inc. (NASDAQ: AMZN) and NVIDIA Corp (NASDAQ: NVDA).

The S&P 500 gained 0.90%, while the Dow Jones rose 1.16% to 35,473.13 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 7.8% to close at 15.77 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.

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