The S&P 500 settled higher on Monday after recording losses last week.
The S&P 500 fell around 1.2% last week after US economy added 209,000 jobs in June versus a revised gain of 306,000 jobs in May. The unemployment rate, meanwhile, declined to 3.6% in June from 3.7% in May, in-line with market estimates.
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Icahn Enterprises L.P. (NASDAQ: IEP) shares gained over 20% on Monday after Carl Icahn amended loan agreements, disconnecting his personal loans from the share price, increasing his collateral and establishing a plan to repay the loans within three years. This was an issue raised in Hindenburg Research’s short report on the stock issued in May.
Big banks, including JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C) and Wells Fargo & Company (NYSE: WFC) will release earnings on Friday.
Majority of sectors on the S&P 500 closed on a positive note, with industrials and health care stocks recording the biggest gains on Monday. However, communication services and utilities stocks settled lower during the session.
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The Nasdaq 100 rose 0.06% to close at 15,045.64 on Monday, amid losses in shares of Adobe Inc (NASDAQ: ADBE) and Airbnb Inc (NASDAQ: ABNB).
The S&P 500 rose 0.24%, while the Dow Jones gained 0.62% to 33,944.40 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 1.6% to close at 15.07 on Monday.
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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