U.S. stocks closed lower on Friday amid a broad selloff following a rise in bond yields.
The S&P 500 recorded losses for the week after gaining for four straight weeks.
Mega-cap stocks, including, Apple Inc (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) all moved lower, and were among the biggest drags on the both the S&P 500 and Nasdaq indices.
The Nasdaq 100 dipped 1.95% to close at 13,242.90 on Friday, while the S&P 500 fell 1.29%. The Dow Jones dropped around 292 points to settle at 33,706.74 in the previous session.
Majority of the sectors on the S&P 500 closed on a lower note, with consumer discretionary and information technology stocks recording the biggest plunge on Friday. Health care stocks, however, bucked the overall market trend, gaining around 0.3% in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) jumped 5.3% to 20.60 points.
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.
