U.S. equity markets saw further easing in the overall fear level, with the CNN Money Fear and Greed index moving to the “neutral” zone on Friday.
U.S. stocks closed mixed on Thursday as gains in high-growth shares offset decline in energy stocks.
The tech-laden Nasdaq climbed a new three-month high level on Friday, driven by gains from Amazon.com Inc AMZN and Advanced Micro Devices AMD.
Economic data released Thursday showed US initial jobless claims increasing by 6,000 to 260,000 the latest week.
U.S. stock futures traded higher this morning as investors are awaiting the release of monthly jobs report to get some insights into the pace of interest rate increases by the U.S. Federal Reserve.
The Dow Jones dropped around 86 points to close at 32,726.82, while the S&P 500 lost 0.08% on Thursday. However, the Nasdaq Composite rose 0.41% to close at 12,720.58 in the previous session.
At a current reading of 47.0, the index moved to the “neutral” zone on Friday, following a previous reading of 44.0.
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.