U.S. stocks closed mostly lower on Tuesday following the release of economic reports.
Investors are awaiting Federal Reserve Chair Jerome Powell’s speech at the central banking conference later this week in Jackson Hole.
The S&P 500 moved lower after data showed U.S. private-sector business activity shrinking for a second consecutive month in August. The S&P Global flash composite PMI fell to 45 in August, recording the lowest level since February 2021, compared to 47.7 in the previous month.
Shares of Zoom Video Communications Inc ZM tumbled around 17% after the company lowered its annual profit and revenue estimates.
The Nasdaq 100 fell 0.07% to close at 12,881.79 on Tuesday, while the S&P 500 fell 0.22%. The Dow Jones dropped around 154 points to settle at 32,909.59 in the previous session.
Major sectors on the S&P 500 closed on a mixed note, with energy stocks recording the biggest surge on Tuesday. Real estate and health care stocks, however, were among the worst performers in the prior session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) gained 1.3% to 24.11 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.
Image and article originally from www.benzinga.com. Read the original article here.