The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Greed” zone on Thursday.
U.S. stocks settled mixed on Thursday, with the Nasdaq Composite gaining more than 50 points during the session.
President Donald Trump’s “one big beautiful tax bill” narrowly passed the House in a 215-214 vote and now moves to the Senate. According to the Congressional Budget Office, the proposed legislation is projected to add approximately $3 trillion to the national deficit over the next decade.
On the economic data front, U.S. initial jobless claims fell by 2,000 from the previous week to 227,000 in the week ending May 17, compared to market estimates of 230,000. The S&P Global services PMI climbed to 52.3 in May compared to 50.8 in the previous month, while the manufacturing PMI rose to 52.3 in May from 50.2 in April.
Advance Auto Parts, Inc. (NYSE:AAP) shares jumped 57% on Thursday following better-than-expected first-quarter financial results. Vigil Neuroscience, Inc. (NASDAQ:VIGL) shares climbed 241% after announcing Sanofi will acquire the company for approximately $600 million.
Most sectors on the S&P 500 closed on a negative note, with utilities, health care, and energy stocks recording the biggest losses on Thursday. However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by over 1 point to 41,859.09 on Thursday. The S&P 500 slipped 0.04% to 5,842.01, while the Nasdaq Composite gained 0.28% at 18,925.73 during Thursday's session.
Investors are awaiting earnings results from Booz Allen Hamilton Holding Corporation (NYSE:BAH), The Buckle, Inc. (NYSE:BKE), and Frontline plc (NYSE:FRO) today.
What is CNN Business Fear & Greed Index?
At a current reading of 66.2, the index remained in the “Greed” zone on Thursday, versus a prior reading of 65.7.
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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