US stocks closed lower on Tuesday, as the S&P 500 recorded losses for the four straight sessions amid concerns over economic growth.
Money markets see a 91% chance that the U.S. Fed will increase rates by 50 basis points at its December policy meeting.
Meta Platforms Inc (NASDAQ:META) shares dropped 6.8% on Tuesday after EU privacy regulators reportedly ruled the company should not require users to agree to personalized ads based on online activity.
Majority of the sectors on the S&P 500 closed on a negative note, with energy and communication services stocks recording the biggest plunge on Tuesday. However, utilities stocks bucked the overall market trend, gaining over 0.6% in the prior session.
The Nasdaq 100 dropped 2.01% to close at 11,549.69 on Tuesday, amid a decline in shares of Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN). The S&P 500 dipped 1.44%, while the Dow Jones fell 1.03% to settle at 33,596.34 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) jumped 7.3% to 22.26 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.
