US Stocks Drop Again Amid Low Volatility

U.S. stocks recorded losses on Tuesday, settling lower for a third session in a row.

The S&P 500 index has dropped over 5% since Fed Chair Jerome Powell said the central bank will remain aggressive in its monetary policy stance to fight inflation.

U.S. job openings increased to 11.239 million in July, while a separate report showed consumer confidence recovered strongly during the month of August after falling for three consecutive months.

Megacap stocks, including Microsoft Corp MSFT and Apple Inc AAPL also closed lower on Tuesday.

The Nasdaq 100 fell 1.13% to close at 12,342.70 on Tuesday, while the S&P 500 fell 1.10%. The Dow Jones tumbled around 308 points to settle at 31,790.87 in the previous session.

Majority of the sectors on the S&P 500 closed on a lower note, with energy stocks recording the biggest plunge on Tuesday.

Investors are now awaiting the release of non-farm payrolls data, due this Friday.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) closed flat at 26.21 points on Tuesday.

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.