The S&P 500 closed slightly lower on Friday, but all three major indices recorded strong weekly gains.
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Investors digested earnings reports from major companies on Friday. UnitedHealth Group Incorporated (NYSE: UNH) shares gained more than 7% on Friday after the company reported better-than-expected second-quarter earnings.
JPMorgan Chase & Co. (NYSE: JPM) shares rose 0.6% following upbeat quarterly earnings, while Wells Fargo & Company (NYSE: WFC) shares slipped 0.3% despite reporting higher quarterly profit.
Majority of sectors on the S&P 500 closed on a negative note, with energy, financials and communication services stocks recording the biggest losses on Friday. However, health care, consumer staples and consumer discretionary stocks closed higher during the Friday’s session.
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The Nasdaq 100 slipped 0.04% to close at 15,565.60 on Friday, amid gains in shares of NVIDIA Corp (NASDAQ: NVDA) and Adobe Inc (NASDAQ: ADBE).
The S&P 500 fell 0.10%, while the Dow Jones gained 0.33% to 34,509.03 in the previous session. For the week, the Dow gained 2.3%, while the S&P 500 added 2.4%.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 2% to close at 13.34 on Friday.
What is CBOE Volatility Index?
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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.
