The CNN Money Fear and Greed index showed a slight improvement in overall sentiment among U.S. investors on Friday.
U.S. stocks closed slightly higher on Friday but recorded losses last week amid renewed concerns that the US Federal Reserve may further increase interest rates.
On the economic data front, wholesale inventories in the U.S. declined by 0.2% from a month ago in July versus the preliminary estimate of a 0.1% fall and compared to a 0.7% decline in the previous month.
DocuSign, Inc. (NASDAQ:DOCU) shares fell 3.7% on Friday after the company reported a second-quarter earnings beat and issued strong guidance. The Kroger Co. (NYSE:KR) shares gained over 3% after the company posted upbeat quarterly earnings and reached an opioid settlement agreement.
Majority of sectors on the S&P 500 closed on a positive note, with utilities and energy stocks recording the biggest gains on Friday. However, real estate and industrials stocks closed lower during the session.
The Dow Jones closed higher by around 76 points to 34,576.59 on Friday. The S&P 500 rose 0.14% at 4,457.49, while the Nasdaq Composite added 0.09% at 13,761.53during the session.
The S&P fell 1.3% to record its first negative week in three, while the Dow lost around 0.8% last week.
Investors are awaiting earnings results from Casey’s General Stores, Inc. (NASDAQ:CASY), Bowlero Corp. (NYSE:BOWL) and Oracle Corporation (NYSE:ORCL) today.
At a current reading of 51.3, the index remained in the “Neutral” zone on Friday, compared to a previous reading of 51.1.
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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