S&P 500 Gains Amid Surge In Oracle Shares: Investor Sentiment Edges Lower, But Fear Index Remains In 'Greed' Zone

The CNN Money Fear and Greed index showed a slight decline in the overall market sentiment, while the index remained in the “Greed” zone on Thursday.

U.S. stocks settled higher on Thursday, with the S&P 500 recording gains during the session amid a rally in Oracle Corp. ORCL shares. Shares of Oracle jumped more than 13% on Thursday after the company reported better-than-expected fourth-quarter financial results and issued upbeat outlook commentary.

The Boeing Company BA shares fell around 5% on Thursday after an Air India 787-8 Dreamliner crashed near the Ahmedabad airport.

On the economic front, U.S. producer prices rose by 0.1% month-over-month in May compared to a revised 0.2% decline in April and versus market estimates of a 0.2% increase. U.S. initial jobless claims came in steady at 248,000 during the first week of June, versus market estimates of 240,000.

President Donald Trump renewed pressure on Federal Reserve Chair Jerome Powell to cut interest rates.

Most sectors on the S&P 500 closed on a positive note, with utilities, information technology and health care stocks recording the biggest gains on Thursday. However, communication services and consumer discretionary stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed higher by around 102 points to 42,967.62 on Thursday. The S&P 500 rose 0.38% to 6,045.26, while the Nasdaq Composite gained 0.24% to 19,662.48 during Thursday's session.

Investors are awaiting earnings results from MoneyHero Limited MNY today.

What is CNN Business Fear & Greed Index?

At a current reading of 61.4, the index remained in the “Greed” zone on Thursday, versus a prior reading of 61.7.

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.

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