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The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Greed” zone on Thursday.
U.S. stocks settled higher on Thursday, with the Nasdaq Composite gaining more than 200 points, a day after the Federal Reserve cut rates by 25 basis points and signaled more easing ahead.
Tech stocks led the charge. Intel Corp. (NASDAQ:INTC) skyrocketed 23% after Nvidia Corp. (NASDAQ:NVDA) pledged a $5 billion investment to co-develop PC and data center chips.
CrowdStrike Holdings Inc. (NASDAQ:CRWD) rallied around 13% on Thursday after unveiling long-term AI initiatives and revenue targets, forecasting annual recurring revenue growth above 20% by fiscal 2027.
On the economic front, U.S. initial jobless claims declined by 33,000 from the previous week to 231,000 in the second week of September, compared to market estimates of 240,000. The Philadelphia Fed Manufacturing Index rose to +23.2 in September, recording its highest level since January, and compared to -0.3 in August.
Most sectors on the S&P 500 closed on a positive note, with information technology, industrials and communication services stocks recording the biggest gains on Thursday. However, consumer staples and consumer discretionary stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 124 points to 46,142.42 on Thursday. The S&P 500 rose 0.48% to 6,631.96, while the Nasdaq Composite gained 0.94% to 22,470.72 during Thursday's session.
Investors are awaiting earnings results from MoneyHero Ltd (NASDAQ:MNY) and Globus Maritime Ltd (NASDAQ:GLBS) today.
What is CNN Business Fear & Greed Index?
At a current reading of 61.6, the index remained in the “Greed” zone on Thursday, versus a prior reading of 58.5.
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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