market volatility decreases; All Eyes on US Jobs Report – Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN)
US stocks stabilized on Thursday, posting losses for the fourth consecutive session.
The Federal Reserve on Wednesday raised interest rates by 75 basis points at its recent meeting. Fed Chairman Jerome Powell, meanwhile, said it was very premature to think about pausing rate hikes.
Investors will keep an eye out for the Nonfarm Payrolls report, which is slated for release today.
Economic data released on Thursday showed initial jobless claims fell by 1,000 to 217,000 in the week ending Oct. 29, compared to market estimates of 220,000. However, the ISM Services PMI fell to 54.4 in October from 56.7 the previous month.
Shares of QUALCOMM Incorporated COMQ fell 7.7% on Thursday after the company released a lower-than-expected first-quarter guidance and lowered the outlook for handset volumes for 2023. Roku, Inc. ROKU Shares fell 4.6% after the company released fourth-quarter sales forecasts that fell below analysts’ estimates.
The Nasdaq 100 plunged 1.98% to close at 10,690.60 on Thursday, amid falling shares of Amazon.com, Inc. AMZN, Apple Inc. AAPL and Microsoft Corporation MSFT. The S&P 500 fell 1.06%, while the Dow Jones lost about 147 points to settle at 32,001.25 in the previous session.
The major sectors of the S&P 500 closed on a mixed note, with communication services and information technology stocks posting the biggest falls on Thursday. However, the energy values increased by about 2% in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 1.8% to 25.39 points.
What is the CBOE Volatility Index?
The CBOE Volatility Index, popularly known as the VIX, is a measure of stock market volatility expectation based on the call and put options of the S&P 500 Index.