Market Volatility Increases Sharply After US Nonfarm Payrolls Data, S&P 500 Falls For 4th Session

The S&P 500 closed lower for the fourth straight session on Friday as investors monitored latest jobs and earnings data.

The U.S. economy added 187,000 jobs in July, compared to market estimates of 200,000 and compared to a revised 185,000 gain in June. The unemployment rate fell to 3.5% in July from 3.6% in June and versus market estimates of 3.6%, while the average hourly earnings for all employees on private nonfarm payrolls increased by 0.4% to $33.74 in July, higher than market expectations for a 0.3% growth.

Apple Inc. AAPL shares declined 4.8% on Friday after the iPhone maker sees a continued decline in sales. Amazon.com, Inc. AMZN shares, however, surged on Friday after the online retailer posted strong quarterly results and issued an upbeat third-quarter guidance.

Shares of Icahn Enterprises L.P. IEP fell over 23% on Friday after the Carl Icahn-owned investment firm reported weak second-quarter results and cut its quarterly distribution by 50%.

Majority of sectors on the S&P 500 closed on a negative note, with utilities and information technology stocks recording the biggest losses on Friday. However, consumer discretionary and energy stocks closed higher during the Friday’s session.

The Nasdaq 100 fell 0.51% to close at 15,274.92 on Friday, amid losses in shares of Apple Inc AAPL and Tesla Inc TSLA.

The S&P 500 declined 0.53%, while the Dow Jones fell 0.43% to 35,065.62 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) jumped 7.4% to close at 17.10 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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