The CNN Money Fear and Greed index showed a slight decline in the overall market sentiment, while the index remained in the “Greed” zone on Friday.
U.S. stocks settled mixed on Friday, with the S&P 500 and Nasdaq Composite settling at record levels during the session.
Major indices saw mixed performance last week, with the S&P 500 gaining about 0.6% and the Nasdaq surging 1.5%. However, the Dow fell 0.4% last week.
Pakistan signaled that Iran's foreign minister was heading to Islamabad for possible ceasefire talks, easing some of the energy-driven pressure that had dominated the tape all week.
In earnings, Intel Corp. (NASDAQ:INTC) shares jumped more than 23% on Friday after the company reported better-than-expected first-quarter financial results and issued second-quarter guidance above estimates. Procter & Gamble Co (NYSE:PG) reported better-than-expected third-quarter financial results.
On the economic data front, the University of Michigan’s Consumer Sentiment Index rose to 49.8 in April, versus a preliminary reading of 47.6.
Most sectors on the S&P 500 closed on a negative note, with health care, industrials and financial stocks recording the biggest losses on Friday. However, information technology and consumer discretionary stocks closed the session higher.
The Dow Jones closed lower by around 80 points to 49,230.71 on Friday. The S&P 500 gained 0.80% to 7,165.08, while the Nasdaq Composite climbed 1.63% at 24,836.60 during Friday's session.
Investors are awaiting earnings results from Domino’s Pizza Inc. (NASDAQ:DPZ), Verizon Communications Inc. (NYSE:VZ) and Nucor Corp. (NYSE:NUE) today.
What Is CNN Business Fear & Greed Index?
At a current reading of 66, the index remained in the “Greed” zone on Friday, versus a prior reading of 66.7.
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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