Stock Market Volatility Decreases After House Passes Debt Ceiling Deal

U.S. President Joe Biden delivers remarks during a Cabinet Meeting at the White House on June 06, 2023, in Washington, DC. Biden spoke on the U.S. economy and the bipartisan deal to raise the debt limit. KEVIN DIETSCH/BENZINGA

The CBOE Volatility Index (VIX), tracked by the ProShares Ultra VIX Short Term Futures ETF (BATS: UVXY), was dropping over 7% on Thursday after the U.S. House of Representatives passed the debt ceiling agreement.

U.S. Speaker of the House Kevin McCarthy (R-CA) walks through Statuary Hall in the U.S. Capitol Building on May 30, 2023, in Washington, DC. Later today the House Rules Committee will meet to consider The Fiscal Responsibility Act, a bill made after a deal House Republicans and U.S. President Joe Biden’s negotiators struck up to raise the debt ceiling until 2025. ANNA MONEYMAKER/BENZINGA