Dow Jones Industrial Average Drops 132; VIX Skyrockets

The Dow Jones Industrial Average (DJIA) extended Friday's slide, as anxiety builds ahead of this week's Fed and Bank of Japan meetings, and as the latest polls show the United Kingdom is leaning toward a "Brexit" on June 23. Against this backdrop, the CBOE Volatility Index (VIX) -- otherwise known as the market's "fear gauge" -- hit a three-month high. Meanwhile, Dow stock Microsoft Corporation (NASDAQ:MSFT) also weighed on the index, following its major M&A announcement.

Continue reading for more on today's market, including:

• MSFT wasn't the only tech company on the prowl. Why traders celebrated this $4.7 billion purchase.
• This famous short seller isn't a fan of Facebook Inc (NASDAQ:FB).
• How option players reacted to Apple Inc's (NASDAQ:AAPL) Worldwide Developers Conference (WWDC) revelations.
• Plus... A new Wall Street watchdog, Moody's eyes MSFT, and Americans still love Mexican

The Dow Jones Industrial Average (DJIA - 17,732.48) finished down 132.9 points, or 0.7%. MSFT gave up 2.6%, the largest drop among the 25 Dow losers, while Exxon Mobil Corporation (NYSE:XOM) led the five winners with a 0.7% gain. 

The S&P 500 Index (SPX - 2,079.06) ended down 17 points, or 0.8%. The Nasdaq Composite (COMP – 4,848.44) lost 46.1 points, or 0.9%.

The CBOE Volatility Index (VIX – 20.97) gained 23.1%, or 3.9 points, to finish at a three-month high. The VIX has surged 43% in the past two sessions.

5 Items on Our Radar Today: 

1. The Financial Industry Regulatory Authority (FINRA) has appointed Robert Cook to replace retiring president and CEO Richard Ketchum. (Reuters)
2. Moody's said it is reviewing MSFT's AAA credit rating, following the company's LinkedIn Corp (NYSE:LNKD) purchase. (Yahoo! Finance)
3. It looks like America has a new favorite Mexican restaurant.
4. Why Twitter Inc (NYSE:TWTR) enjoyed its best day in a while.
5. This cybersecurity firm was popping off in the pits after today's tech takeovers.

Data courtesy of Trade-Alert

Commodities:

July-dated oil dropped 19 cents, or 0.4%, to end the day at $48.88 per barrel. Oil prices were weighed down by "Brexit" concerns and anticipation of this week's Fed meeting.

August-dated gold was up $11, or 0.9%, to $1,286.90 per ounce, a four-week high. "Brexit" worries made investing in the precious metal more appealing to "safety" seekers.