2 weeks Ago By Avi Kapoor
The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Greed” zone on Friday. U.S.
stocks settled mixed on Friday, with the Nasdaq Composite surging to an all-time high during the session. Tech stocks provided a boost to the market ahead of their upcoming quarterly earnings. Shares of Nvidia Corp.
NVDA , Meta Platforms Inc. META , and Amazon AMAZN settled higher on Friday. Both the Dow Jones and S&P 500 ended a six-week winning streak, falling around 1% and 2.
7%, respectively. The Nasdaq recorded gains for the seventh straight week, gaining nearly 0.2% last week.
Shares of HCA Healthcare, Inc. HCA fell around 9% on Friday after the company reported weaker-than-expected third-quarter financial results. Colgate-Palmolive CL shares fell around 4% after the company reported third-quarter earnings.
On the economic data front, the University of Michigan consumer sentiment for the U.S. rose to 70.
5 in October compared to a preliminary reading of 68.9. U.
S. durable goods orders fell by 0.8% to $284.
8 billion in September compared to a revised 0.8% fall in August. Most sectors on the S&P 500 closed on a negative note, with financials, real estate, and utilities stocks recording the biggest losses on Friday.
However, information technology and communication services stocks bucked the overall market trend, closing the session higher. The Dow Jones closed lower by around 260 points to 42,114.40 on Friday.
The S&P 500 fell 0.03% to 5,808.12, while the Nasdaq Composite climbed 0.
56% at 18,518.61 during Friday's session. Investors are awaiting earnings results from ON Semiconductor Corporation ON , Waste Management, Inc .
WM , and Ford Motor Company F today. What is CNN Business Fear & Greed Index? At a current reading of 58.9, the index remained in the “Greed” zone on Friday, versus a prior reading of 61.
5. The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect.
The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness. Read Next: Wall Street’s Most Accurate Analysts Give Their Take On 3 Real Estate Stocks Delivering High-Dividend Yields Photo courtesy: Shutterstock © 2024 Benzinga.
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