Nasdaq Settles Lower, Records Weekly Loss: Fear & Greed Index Remains In 'Extreme Fear' Zone
The CNN Money Fear and Greed index showed some easing in the overall fear level, while the index remained in the “Extreme Fear” zone on Friday.
U.S. stocks settled mixed on Friday, with the Nasdaq Composite falling around 0.2% during the session. The Nasdaq fell 3% last week, while the S&P 500 and the Dow each declined more than 1%.
Investor anxiety over the labor market and the broader economy worsened after the University of Michigan’s consumer sentiment index sank to its lowest level since June 2022.
Notably, the subindex tracking current economic conditions dropped to the worst reading on record since the survey began in 1951.
Shares of Fluor Corp. (NYSE:FLR) gained over 2% on Friday after the company posted results for the third quarter. Fox Factory Holding Corp. (NASDAQ:FOXF) shares dipped 25% after the company reported worse-than-expected third-quarter financial results and issued fourth-quarter guidance below estimates.
Most sectors on the S&P 500 closed on a positive note, with energy, utilities and real estate stocks recording the biggest gains on Friday. However, communication services and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 75 points to 46,987.10 on Friday. The S&P 500 gained 0.13% to 6,728.80, while the Nasdaq Composite declined 0.21% to 23,004.54 during Thursday's session.
Investors are awaiting earnings results from Tyson Foods Inc. (NYSE:TSN), Interpublic Group of Companies Inc. (NYSE:IPG) and Occidental Petroleum Corp. (NYSE:OXY) today.
What is CNN Business Fear & Greed Index?
At a current reading of 21.1, the index remained in the “Extreme Fear” zone on Friday, versus a prior reading of 18.3.
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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