The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Neutral” zone on Thursday.
U.S. stocks settled higher on Thursday, with the Dow Jones index gaining more than 150 points as investors assessed the recent earnings reports from mega-cap tech stocks.
Tesla Inc. TSLA reported weaker-than-expected fourth-quarter earnings and sales results. The company, meanwhile, said it expects its vehicle business to return to growth in 2025. Meta Platforms Inc. META reported better-than-expected fourth-quarter sales results on Wednesday. Microsoft Corp. MSFT reported its second-quarter GAAP earnings of $3.23 per share, beating the $3.11 consensus estimate.
President Donald Trump confirmed Thursday the United States will impose 25% tariffs on imports from Canada and Mexico starting Saturday, Feb. 1.
On the economic data front, U.S. initial jobless claims fell by 16,000 from the previous week to 207,000 in the week ending January 25, compared to market estimates of 220,000. The U.S. economy expanded at an annualized rate of 2.3% in the fourth quarter, down from 3.1% in the previous quarter and versus market estimates of 2.6%.
Most sectors on the S&P 500 closed on a positive note, with utilities, real estate and health care stocks recording gains on Thursday. However, information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 169 points to 44,882.13 on Thursday. The S&P 500 rose 0.53% to 6,071.17, while the Nasdaq Composite rose 0.25% at 19,681.75 during Thursday's session.
Investors are awaiting earnings results from Exxon Mobil Corporation XOM, Chevron Corporation CVX and Phillips 66 PSX today.
At a current reading of 48.1, the index remained in the “Neutral” zone on Thursday, versus a prior reading of 46.5.
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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