The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Extreme Fear” zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index jumping more than 600 points during the session.
The tech sector bounced back from Thursday’s losses with Nvidia Corp. (NASDAQ:NVDA) up 4% and Tesla Inc. (NASDAQ:TSLA) rising 3.9% on Friday.
PCE data released also provided some relief to investors as the price index marked its first decline in four months. Data from the CME FedWatch Tool shows the data reinforced bets for approximately two quarter-point cuts to the Fed funds rate in 2025.
All sectors on the S&P 500 closed on a positive note, with information technology, financial and consumer discretionary stocks recording the biggest gains on Friday.
The Dow Jones closed higher by around 601 points to 43,840.91 on Friday. The S&P 500 rose 1.59% to 5,954.50, while the Nasdaq Composite gained 1.63% at 18,847.28 during Friday's session.
Investors are awaiting earnings results from California Resources Corp. (NYSE:CRC), Nomad Foods Ltd. (NYSE:NOMD) and Okta Inc. (NASDAQ:OKTA) today.
What is CNN Business Fear & Greed Index?
At a current reading of 19.7, the index remained in the “Extreme Fear” zone on Friday, versus a prior reading of 18.7.
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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