The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index in the “Greed” zone on Thursday.
U.S. stocks settled mixed on Thursday, with the Dow Jones index surging to a record high during the session.
Shares of NVIDIA Corporation NVDA fell around 6.4% on Thursday, weighing on the S&P 500 and the Nasdaq. Nvidia reported better-than-expected earnings and sales results for its second quarter on Wednesday. The company issued above-consensus third-quarter revenue guidance and announced a $50-billion additional stock repurchase authorization. However, the gross margin contracted from the first quarter.
On the economic data front, U.S. initial jobless claims fell by 2,000 from the prior week to 231,000 in the period ending Aug. 24. U.S. real gross domestic product expanded at an annual rate of 3.0% in the second quarter, up from 1.4% in the first quarter. U.S. wholesale inventories rose by 0.3% month-over-month to $905 billion in July, versus a revised 0.2% gain in the earlier month.
Most sectors on the S&P 500 closed on a positive note, with energy, financials, and industrials stocks recording the biggest gains on Thursday. However, information technology and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 244 points to 41,335.05 on Thursday. The S&P 500 fell 0.01% to 5,591.96, while the Nasdaq Composite dipped 0.23% to close at 17,516.43 during Thursday's session.
Investors are awaiting earnings results from JinkoSolar Holding Co., Ltd. JKS, MINISO Group Holding Limited MNSO, and Frontline plc FRO today.
What is CNN Business Fear & Greed Index?
At a current reading of 57.7, the index was in the “Greed” zone on Thursday, versus a prior reading of 56.2.
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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