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S&P 500 Settles Lower Amid Debt-Ceiling Concerns; Market Volatility Jumps - NVIDIA (NASDAQ:NVDA), Citigroup (NYSE:C)

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The S&P 500 closed lower on Wednesday amid concerns over progress in U.S. debt ceiling talks.

The Federal Reserve also released minutes from the Fed's recent meeting on Wednesday.

Citigroup, Inc C shares dropped 3% on Wednesday after it disclosed plans to pursue an initial public offering (IPO) of its consumer, small business, and middle-market banking operations in Mexico.

NVIDIA Corporation NVDA shares climbed around 25% in after-hours trading on Wednesday after the company reported better-than-expected first-quarter results and issued strong guidance.

Majority of the sectors on S&P 500 closed on a negative note, with real estate and financial stocks recording the biggest losses on Wednesday. However, energy stocks bucked the overall market trend, closing higher during the session.

The Nasdaq 100 fell 0.50% to close at 13,604.48 on Wednesday, amid losses in shares of NVIDIA Corporation NVDA and Tesla Inc TSLA.

The S&P 500 fell 0.73%, while the Dow Jones fell 0.77% to 32,799.92 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) gained 8.1% to close at 20.03 on Wednesday, hovering around three-week high level.

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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