The S&P 500 settled higher on Friday, surpassing the 4,300 level for the first time since August. The index also recorded gains for four weeks in a row.
Traders are now seeing more than 71% chance that the Federal Reserve will maintain interest rates at its meeting on June 13-14. Data on consumer prices will be released on Tuesday.
Shares of EV makers Tesla, Inc. (NASDAQ:TSLA) and General Motors Company (NYSE:GM) moved higher this week as the two competitors announced that GM cars will be equipped to use Tesla charging stations by 2025.
Netflix, Inc. (NASDAQ:NFLX) shares gained 2.6% on Friday following a report suggesting the company saw an increase in subscriptions following its password sharing crackdown.
Major sectors on the S&P 500 closed on a mixed note, with consumer discretionary and information technology stocks recording the biggest gains on Friday. However, utilities and energy stocks closed lower during the session.
The Nasdaq 100 rose 0.30% to close at 14,528.36 on Friday, amid gains in shares of NVIDIA Corporation (NASDAQ:NVDA) and Tesla Inc (NASDAQ:TSLA).
The S&P 500 rose 0.11%, while the Dow Jones rose 0.13% to 33,876.78 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 1.3% to close at 13.83 on Friday.
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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