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The CNN Money Fear and Greed index remained in the “Extreme Fear” zone on Friday.
U.S. stocks settled higher on Friday, after recording sharp losses earlier during the week. However, major indices recorded losses last week, with the Dow and Nasdaq falling by 0.6% and 0.18%, respectively.
On Monday, the Dow dipped 1,000 points, while the S&P 500 dipped around 3% to record its worst day since 2022.
On the economic data front, the total number of active U.S. oil rigs increased by three to 485 rigs this week, Baker Hughes Inc. reported.
Doximity, Inc. (NYSE:DOCS) shares jumped 38.7% on Friday after the company reported better-than-expected first-quarter financial results. Additionally, the company issued FY24 revenue guidance above estimates. Shares of Iteris, Inc. (NASDAQ:ITI) surged 63.6% after the company announced it would be acquired by Almaviva for $335 million.
Most sectors on the S&P 500 closed on a positive note, with communication services, real estate, and information technology stocks recording the biggest gains on Friday. However, materials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 51 points to 39,497.54 on Friday. The S&P 500 rose 0.47% at 5,344.16, while the Nasdaq Composite jumped 0.51% at 16,745.30 during Friday's session.
Investors are awaiting earnings results from Monday.com Ltd. (NASDAQ:MNDY), Sun Life Financial Inc. (NYSE:SLF), and KE Holdings Inc. (NASDAQ:BEKE) today.
What is CNN Business Fear & Greed Index?
At a current reading of 23.9, the index remained in the “Extreme Fear” zone on Friday, versus a prior reading of 24.
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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