Oil prices continued to move lower while gold prices rallied. Energy shares have been the worst-performing sector in the S&P 500 index declining more than 9% over the past 30-days. US yields continued to drop. The manufacturing sector in the US continues to slide according to a report from the ISM.

All sectors in the S&P 500 index were lower, led down by technology shares, Utilities were the best performing sector in the S&P 500 index. One stock that bucked the trend was Amazon. The company reported its earnings on Thursday after the closing bell. Amazon shares closed up approximately 7% but were up as much as 11% during the trading session. The company beat on the top and bottom line and guidance were much better than expected.

The VIX Surges

The VIX volatility index surged 22% to close at 19, the highest the implied volatility index has been since October. The VIX has been trading at subdued levels for the past 3-months, as the stock market has surged to all-time highs. For the week the VIX closed up 29% and is poised to hit target resistance near 25. A higher VIX level makes premiums for options higher, which generates additional volatility.