The CNN Money Fear and Greed index showed a decline in the overall market sentiment, with the index in the “Neutral” zone on Friday.
U.S. stocks settled mixed on Friday, with the S&P 500 and Nasdaq Composite hitting fresh records following the release of better-than-expected November jobs data.
The S&P 500 and Nasdaq recorded gains for the third straight week, gaining 0.96% and 3.34%, respectively. However, the Dow lost 0.6% during the week.
Nonfarm payrolls rose by 227,000, sharply accelerating from the previous upwardly revised 36,000 and above the expected 200,000 as per TradingEconomics estimates. The unemployment rate rose from 4.1% to 4.2%, as expected. Average hourly earnings advanced at a 0.4% monthly pace, holding steady from October’s 0.4% increase and surpassing expectations of 0.3%.
DocuSign, Inc. (NASDAQ:DOCU) shares jumped around 28% on Friday after the company reported better-than-expected third-quarter financial results and issued FY25 revenue guidance above estimates. Asana, Inc (NYSE:ASAN) shares climbed over 43% after the company reported better-than-expected third-quarter financial results and issued FY25 guidance above estimates.
Lululemon Athletica Inc (NASDAQ:LULU) shares jumped around 16% after the company reported better-than-expected third-quarter financial results and increased its share buyback program by $1 billion
Most sectors on the S&P 500 closed on a negative note, with energy, utilities, and healthcare stocks recording the biggest losses on Friday. However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 123 points to 44,642.52 on Friday. The S&P 500 rose 0.25% to 6,090.27, while the Nasdaq Composite climbed 0.81% to close at 19,859.77 during Friday’s session.
Investors are awaiting earnings results from Oracle Corporation (NYSE:ORCL), Toll Brothers, Inc. (NYSE:TOL), and Casey’s General Stores, Inc. (NASDAQ:CASY) today.
What is CNN Business Fear & Greed Index?
At a current reading of 53, the index moved to the “Neutral” zone on Friday, versus a prior reading of 54.5.
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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