The CNN Money Fear and Greed index showed almost no change in the overall market sentiment, while the index remained in the “Greed” zone on Friday.
U.S. stocks settled lower on Friday, with the Dow Jones index falling more than 100 during the session ahead of trade talks between the US and Chinese officials.
Major indices on the US also closed lower last week, with the S&P 500 falling about 0.5% and the Nasdaq down around 0.3%. The Dow also declined almost 0.2% in the week.
Lyft, Inc. (NASDAQ:LYFT) reported better-than-expected earnings for the first quarter and announced a $750 million share buyback plan on Thursday. EchoStar Corporation (NASDAQ:SATS) reported wider-than-expected loss for the first quarter on Friday.
On the economic data front, U.S. initial jobless claims declined by 13,000 to 228,000 in the week ending May 3, compared to market estimates of 230,000. U.S. labor productivity in the nonfarm business sector declined by 0.8% during the first quarter compared to estimates of a 0.7% drop.
Most sectors on the S&P 500 closed on a positive note, with real estate, consumer discretionary and energy stocks recording biggest gains on Friday. However, health care and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 119 points to 41,249.38 on Friday. The S&P 500 fell 0.07% to 5,659.91, while the Nasdaq Composite gained 0.01% at 17,928.92 during Friday's session.
Investors are awaiting earnings results from DaVita Inc. (NYSE:DVA), Fox Corporation (NASDAQ:FOX) and NRG Energy, Inc. (NYSE:NRG) today.
At a current reading of 61.6, the index was in the “Greed” zone on Friday, versus a prior reading of 61.5.
What is CNN Business Fear & Greed Index?
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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