The CNN Money Fear and Greed index showed an improvement in overall market sentiment, while the index moved to the “Neutral” zone on Thursday.
U.S. stocks settled mostly higher on Thursday, with the Dow Jones index gaining more than 600 points during the session as investors rotated out of expensive tech stocks and into industrials, financials and healthcare. Broader risk appetite stayed firm after the Federal Reserve delivered its third straight interest-rate cut a day earlier.
Shares of Oracle Corp. (NASDAQ:ORCL) sank around 11% after earnings and guidance disappointed Wall Street. Nvidia Corp. (NASDAQ:NVDA) fell 1.6%, Broadcom Inc. (NASDAQ:AVGO) dropped 1.6% and Intel Corp. (NASDAQ:INTC) lost 3.1%.
On the economic data front, U.S. initial jobless claims rose by 44,000 from the previous week to 236,000 in the week ending Dec. 6, compared to market expectations of 220,000. The U.S. reported a trade deficit of $52.8 billion in September, versus a $59.3 billion gap in the previous month and compared to market estimates of a $63.3 billion gap. U.S. wholesale inventories increased by 0.5% to around $911.5 billion in September following a revised 0.1% gain in August.
Most sectors on the S&P 500 closed on a positive note, with industrials, materials and financials stocks recording the biggest gains on Thursday. However, communication services and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 646 points to 48,704.01 on Thursday. The S&P 500 gained 0.21% to 6,901.00, while the Nasdaq Composite fell 0.25% to 23,593.86 during Thursday’s session.
Investors are awaiting earnings results from Johnson Outdoors Inc. (NASDAQ:JOUT) and Rent the Runway Inc. (NASDAQ:RENT) today.
What Is CNN Business Fear & Greed Index?
At a current reading of 46.3, the index moved to the “Neutral” zone on Thursday, versus a prior reading of 40.0.
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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