The CNN Money Fear and Greed index showed almost no change in the overall fear level, while the index remained in the “Fear” zone on Friday.
U.S. stocks settled higher on Friday, with the Nasdaq Composite gaining more than 100 points during the session as upbeat earnings from mega-cap giants kept the rally momentum alive. U.S. stocks recorded gains last month, as the S&P 500 added 2.3% and the Dow surged 2.5% in October. The Nasdaq jumped 4.7% last month.
Amazon.com Inc. (NASDAQ:AMZN) surged around 10% after reporting blowout results, with AWS revenue jumping 20% year over year to $33 billion. Apple Inc. (NASDAQ:AAPL) shares edged lower as optimism over iPhone 17 sales was tempered by weaker demand in China.
On the economic data front, Baker Hughes said oil rigs fell by six to 414 this week.
Most sectors on the S&P 500 closed on a negative note, with consumer staples, materials and utilities stocks recording the biggest losses on Friday. However, consumer discretionary and energy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 41 points to 47,562.87 on Friday. The S&P 500 gained 0.26% to 6,840.20, while the Nasdaq Composite climbed 0.61% to 23,724.96 during Friday's session.
Investors are awaiting earnings results from Williams Companies Inc. (NYSE:WMB), Goodyear Tire & Rubber Co. (NASDAQ:GT) and ON Semiconductor Corp. (NASDAQ:ON) today.
What is CNN Business Fear & Greed Index?
At a current reading of 35.4, the index remained in the “Fear” zone on Friday, versus a prior reading of 35.7.
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.
Photo via Shutterstock