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  • Consumer Discretionary Index drops more than 3% on Friday.
  • Amazon shares fall sharply to weigh on technology shares. 
  • CBOE Volatility Index rises more than 10% on risk aversion.

Major equity indexes in the US opened in the negative territory on the first trading day of May amid souring market sentiment. Mirroring the flight-to-safety, the CBOE Volatility Index, Wall Street’s fear gauge is up nearly 12% on the day at 38.2 points.

As of writing, the S&P 500 was down 2% on the day while the Dow Jones Industrial Average and the Nasdaq Composite were losing 1.8% and 2.2%, respectively.

Pressured by sharp drops witnessed in Amazon and Apple shares following the disappointing first-quarter earnings results, the Technology Index is down 1.7% on Friday. Meanwhile, the Consumer Discretionary Index is losing 3.6% as the worst-performing major sector.