The S&P 500 closed lower on Friday following the release of mixed economic reports.
All three major stock indices, however, recorded gains last week. Retail sales in the U.S. dropped 1% month-over-month in March versus a revised 0.2% decline in February. The University of Michigan consumer sentiment rose to 63.5 in April from 62 in the prior month.
Citigroup Inc (NYSE:C) reported strong Q1 results, while JPMorgan Chase & Co (NYSE:JPM) also reported better-than-expected results for its first quarter on Friday.
Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS) and Bank of America Corp (NYSE:BAC) are all set to release earnings this week.
Majority of the sectors on the S&P 500 closed on a negative note, with real estate and utilities stocks recording the biggest losses on Friday. However, financial and communication services stocks closed higher during the session.
The Nasdaq 100 fell 0.23% to close at 13,079.52 on Friday, amid losses in shares of Microsoft Corp (NASDAQ:MSFT) and Tesla Inc (NASDAQ:TSLA).
The S&P 500 fell 0.21%, while the Dow Jones lost 0.42% to 33,886.47 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 4.1% to 17.07 points 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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