Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Neutral” zone on Friday.
U.S. stocks settled mostly higher on Friday, with the Nasdaq index settling at a fresh record high during the session. The tech-heavy Nasdaq also outperformed last week recording a gain of 1.41%. However, the Dow Jones index declined 2.33% last week, recording its first negative week in five.
Traders are seeing less than a 50% chance that the US Federal Reserve will slash interest rates at its September meeting.
NVIDIA Corporation (NASDAQ:NVDA) shares gained around 2.6% on Friday after the company reported better-than-expected financial results for its first quarter and issued strong guidance for the second quarter. Deckers Outdoor Corporation (NYSE:DECK) shares jumped over 14% after the company reported better-than-expected quarterly financial results.
On the economic data front, U.S. durable goods orders increased by 0.7% month-over-month in April compared to a revised 0.8% gain in March. However, markets were expecting for a 0.8% decrease.
Most sectors on the S&P 500 closed on a positive note, with utilities, information technology and communication services stocks recording the biggest gains on Friday. However, health care stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 4 points to 39,069.59 on Friday. The S&P 500 rose 0.70% at 5,304.72, while the Nasdaq Composite climbed 1.10% at 16,920.79 during Friday's session.
Investors are awaiting earnings results from Elbit Systems Ltd. (NASDAQ:ESLT), Box, Inc. (NYSE:BOX) and HEICO Corporation (NYSE:HEI) today.
At a current reading of 53.1, the index remained in the “Neutral” zone on Friday, versus a prior reading of 52.3.
What is CNN Business Fear & Greed Index?
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.
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