U.S. stocks ended lower on Friday, as investors were concerned that a continuous increase in interest rates to tackle rising inflation level will result in recession for major economies.
The U.S. dollar jumped to a 22-year high after the Fed raised its policy rate by 75 basis points and also signalled more rate hikes in the coming period.
Shares of big tech companies, including, Microsoft Corporation MSFT, Amazon.com Inc AMZN and Apple Inc. AAPL all settled lower on Friday.
The Nasdaq 100 fell 1.66% to close at 11,311.24 on Friday, while the S&P 500 fell 1.72%. The Dow Jones dipped around 486 points to settle at 29,590.41 in the previous session.
All the major sectors on the S&P 500 closed on a lower note, with energy stocks recording the biggest decline on Friday, dipping around 6.8%.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) jumped 15.5% to 31.59 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.
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