The CNN Money Fear and Greed Index showed a decline in overall market sentiment, while the index moved to the “Neutral” zone on Friday.
U.S. stocks settled mostly lower on Friday, with the Nasdaq Composite falling more than 100 points during the session after Federal Reserve Chair Kevin Warsh used his first Jackson Hole speech to tell investors that the inflation fight is far from over.
The S&P 500 gained 0.5% last week, while the Nasdaq added 0.9%. The Dow also recorded a weekly gain of 0.5%.
On the economic data front, the University of Michigan consumer sentiment index was revised up to 51.7 but still fell about 6% from July, while the Bureau of Labor Statistics revised payrolls in the year through March 2026 down by 79,000 – a far smaller haircut than last year’s 911,000 revision.
On the earnings front, Marvell Technology Inc. (NASDAQ:MRVL) slid over 10% despite a double beat. Workday Inc. (NASDAQ:WDAY) climbed around 6% after delivering fiscal second-quarter non-GAAP EPS of $2.75 against a $2.61 consensus.
Most sectors on the S&P 500 closed on a negative note, with information technology, utilities and industrials stocks recording the biggest losses on Friday. However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 9 points to 53,559.99 on Friday. The S&P 500 fell 0.25% to 7,711.76, while the Nasdaq Composite declined 0.52% to 26,402.42 during Friday’s session.
Investors are awaiting earnings results from Science Applications International Corp. (NASDAQ:SAIC), Pyxis Tankers Inc (NASDAQ:PXS) and Cango Inc. (NYSE:CANG) today.
What is CNN Business Fear & Greed Index?
At a current reading of 54.4, the index moved to the “Neutral” zone on Friday, versus a prior reading of 55.4.
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 greed.
Photo via Shutterstock
Recent Comments