Over the holiday-shortened week, rising interest rate jitters and economic concerns led the S& P 500 Index to its largest drop in more than 14 months.
A gauge of investors' expectations for short-term U.S. stock market volatility increased by more than 50% this week, peaking on Friday at its highest level since early December when the Omicron variant of COVID-19 emerged. Additional fears that the FED will need to act aggressively to curb inflation loomed over sentiment. The Cboe Volatility Index, or VIX, increased to nearly 29 from approximately 19 at the previous week's close.
The S&P 500 closed the week down with -5.06%. One Signal Xpert and Xpress both outperformed the benchmark index with 0.82% and -0.53% respectively.