Volatility In Markets Increases, Dow Tumbles Over 600 Points

The S&P 500 fell more than 1.5% on Wednesday, recording biggest daily decline in more than one month following weak economic data.

US economic reports released Wednesday showed retail sales and producer prices dropping higher-than-expected for December.

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Moderna, Inc. (NASDAQ: MRNA) shares gained 3.3% on Wednesday after the company’s syncytial virus vaccine candidate met its primary endpoint in a Phase 3 trial. Shares of PNC Financial Services Group Inc (NYSE: PNC) dropped 6% after the company reported worse-than-expected earnings results.

All the major sectors on the S&P 500 closed on a negative note, with consumer staples and utilities stocks recording the biggest drop on Wednesday.

The Nasdaq 100 fell 1.27% to close at 11,410.29 on Wednesday, amid decline in shares of Tesla Inc (NASDAQ: TSLA) and Microsoft Corp (NASDAQ: MSFT).

The S&P 500 fell 1.56%, while the Dow Jones lost 1.81% to 33,296.96 in the previous session.

The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 5.1% to 20.34 points on Wednesday.

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.

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