Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further decline in overall market sentiment, but it remained in the "Greed" zone on Friday.
U.S. stocks closed lower on Friday, with the S&P 500 recording its second-consecutive weekly loss. The S&P 500 lost 0.13% last week, while the 30-stock Dow slipped by 0.02%.
The US Federal Reserve is widely expected to keep rates unchanged at this week's meeting.
Shares of Adobe Inc. (NASDAQ: ADBE) fell around 13.7% on Friday after the company issued a weak forecast. Cardlytics, Inc. (NASDAQ: CDLX) shares jumped over 77% after the company reported better-than-expected fourth-quarter earnings.
On the economic data front, U.S. industrial production rose by 0.1% from the prior month in February, while the NY Empire State Manufacturing Index fell to -20.9 in March versus -2.4 in February. The University of Michigan consumer sentiment fell to 76.5 in March, recording the lowest reading in three months, compared to 76.9 in February.
Most sectors on the S&P 500 closed on a negative note, with information technology, consumer discretionary, and communication services stocks recording the biggest losses on Friday. However, energy and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by over 190 points to 38,714.77 on Friday. The S&P 500 fell 0.65% at 5,117.09, while the Nasdaq Composite dipped 0.96% at 15,973.17 during Friday’s session.
Investors are awaiting earnings results from JOYY Inc. (NASDAQ: YY), Comtech Telecommunications Corp. (NASDAQ: CMTL) and Science Applications International Corporation (NASDAQ: SAIC) today.
At a current reading of 70.4, the index remained in the "Greed" zone on Friday, versus a prior reading of 71.3.
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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